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PPP Loan Forgiveness Resource Page
Last Updated: June 10, 2020
COMING SOON – PPP Loan Forgiveness Portal
Please continue to check this page for updates and announcements for the launch of the PPP Loan Forgiveness Portal.
When can I request loan forgiveness for my PPP Loan?
You will be able to apply for PPP Loan Forgiveness eight or twenty-four weeks after the loan was disbursed to you.
What type of documents will I need to provide for loan forgiveness?
You should collect the following documents in preparation for submitting your forgiveness application:
- Bank account statements or payroll service reports documenting wages paid to employees
- Federal and State payroll tax filings
- Business mortgage account statements showing interest paid
- Business rent or lease payment statements
- Business utility payments (e.g., electric, gas, water, transportation, telephone or internet)
How can I request loan forgiveness for my PPP Loan?
The full principal amount of your loan plus interest is subject to forgiveness if certain conditions are met. As the borrower, you are responsible for understanding the SBA’s rules and if your loan qualifies for forgiveness. Click here for the most recent SBA PPP Loan Guidance for information and resources on qualified expenditures and other conditions. You should check this website frequently as it is regularly updated. If you have additional questions, please seek assistance from your own legal, accounting and tax advisors.
How much of my loan will be forgiven?
You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 to 24 weeks after getting the loan.
Click here for the most recent SBA PPP Loan Guidance.
Please note that the information stated above are subject to change based on updated guidelines by the SBA.