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PLEASE NOTE: Different SBA lenders may have different processes and even forms for PPP forgiveness. To apply for PPP loan forgiveness, you’ll need to fill out a specific application with your PPP lender. How can you apply for PPP loan forgiveness? After that 10 months, interest is no longer deferred, and you’ll have to start paying back your loan if it hasn’t been forgiven, so turn in your application as soon as you can. At the end of your covered period, you’ll have 10 months to complete and submit your loan forgiveness application with your lender. This generally falls at the end of your 8 to 24-week covered loan period.

When can you start your PPP loan forgiveness application?Īccording to the SBA, you can apply for PPP loan forgiveness once all of your loan proceeds have been used. If you don’t meet all of these requirements, you do have the chance at getting partial loan forgiveness, and that will be determined during the application process. Your loan must still be spent on approved costs and you will still need to document that you spent at least 60% of your funds on payroll expenses. If you received a PPP loan that was $50,000 or less, you are exempt from having to maintain your employee and compensation levels in order to receive loan forgiveness. IMPORTANT NOTE: For 2021 there are certain exceptions to the “maintaining employees levels and compensation” rule.You must spent at least 60% of your loan proceeds on payroll costs.Your loan proceeds must be spent on authorized payroll costs and other eligible business expenses.You must maintain your employee counts and their compensation levels.

When you received your PPP funds, you must spend them on specific authorized costs in order to receive full loan forgiveness. You were likely aware of the requirements and spending guidelines of the PPP loan when you applied for it, but we’ll go into the basic details again here.

Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free ! What do you need to do to get your PPP loan forgiven? Womply has made email marketing truly automatic for busy small business owners and all types of independent contractors. So long as you meet certain guidelines for spending your funds, this loan can essentially turn into income that you can use to help your business.īut how do you go about getting your loan forgiven and what does that process look like? For full details, read our post about the new SBA PPP Direct Forgiveness Portal and other recent rule changes.Ī huge draw of the Paycheck Protection Program loans is that they can be completely forgiven, meaning your business doesn’t have to pay it back. If your PPP loan was for $150,000 or less, AND if your lender has opted-in to the use of the platform, you will be able to submit your PPP loan forgiveness application online directly to the SBA, using the electronic equivalent of SBA Form 3508S. The SBA has established an online PPP forgiveness platform called the SBA PPP Direct Forgiveness Portal. URGENT PPP FORGIVENESS UPDATE: On July 28, 2021, the SBA announced big news (for most PPP borrowers).

Additional resources once you’ve finished your application.

What happens after you turn in your PPP forgiveness application?.

How can you apply for PPP loan forgiveness?.

When can you start your PPP loan forgiveness application?.

What do you need to do to get your PPP loan forgiven?.

NEW UPDATE as of 8/2021! SBA PPP Direct Forgiveness Portal announced.

Womply ppp fastlane sign in full#

Womply ppp fastlane sign in plus#

Womply ppp fastlane sign in update#