How to Apply for PPP Loan Forgiveness Online
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If you’re a small business owner who has taken out a Paycheck Protection Program (PPP) loan, you may be wondering how to apply for loan forgiveness.
The process is actually pretty straightforward, and can be done entirely online. In this blog post, we’ll walk you through the steps you need to take to apply for PPP loan forgiveness.
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Go to the SBA website
The first step to apply for PPP loan forgiveness online is to go to the Small Business Administration (SBA) website. This is the federal agency that oversees the PPP loan program. Once you’re on the SBA website, look for the section on PPP loan forgiveness.
On the SBA website, you’ll find a link to an online application portal. The portal will allow you to fill out and submit your loan forgiveness application electronically. You’ll also be able to track the status of your application online.
The online application portal is currently only available for borrowers with loans of $50,000 or less. Borrowers with loans larger than $50,000 will need to submit their loan forgiveness applications through the mail.
Click on the “Forgiveness” tab
The Paycheck Protection Program (PPP) loan forgiveness application is now available online through the Small Business Administration (SBA)’s Paycheck Protection Program portal.
To apply for forgiveness, borrowers will need to log in to the PPP Forgiveness Platform and click on the “Forgiveness” tab. From there, borrowers will be prompted to enter information about their PPP loan and will be able to upload the required documentation.
The SBA has also released a new Loan Forgiveness Application Form 3508S for borrowers who are self-employed or have no employees. This form can be found on the SBA’s website.
Please note that borrowers must submit their loan forgiveness application to their lender (not to the SBA). Lenders have 90 days from the date they receive a complete application to issue a decision on loan forgiveness.
To begin your application for PPP loan forgiveness, you’ll need to log in to the SBA’s website and click on the “Apply for Loan Forgiveness” button.
From there, you’ll need to fill out and submit the SBA’s Loan Forgiveness Application. This form requires you to provide information about your PPP loan, including the loan amount, the loan disbursement date, and your qualifying payroll costs.
You’ll also need to upload supporting documentation, including your payroll records and proof of payment for eligible non-payroll expenses. Once you’ve submitted your application, the SBA will review it and determine if you’re eligible for loan forgiveness.
Fill out the application
The first step is to fill out the PPP Loan Forgiveness Application. This form is used to calculate how much of your PPP loan may be forgiven.
There are four sections to the form:
-Section 1: Loan Forgiveness Amount – Used to calculate your loan forgiveness amount.
-Section 2: Average FTE Employees – Used to calculate your average FTE employees during the covered period or alternative payroll covered period.
-Section 3: Schedule A – documenting your eligible payroll costs.
-Section 4: Schedule B – documenting your eligible non-payroll costs.
You will need to provide supporting documentation for each expenses listed in Section 3 and 4 of the application. Documentation can include canceled checks, payment receipts, invoices, and more.
If you have any questions about what documentation is required, you can refer to the SBA’s Guidelines for Loan Forgiveness or speak to your lender.
Submit the application
The first thing you need to do is gather your documents. You will need your PPP loan forgiveness application, your most recent IRS Form 941, and your most recent tax return.
Once you have all of your documentation in order, you can begin the online application process. The first step is to log in to the SBA Loan Forgiveness Portal.
Once you are logged in, you will be prompted to enter your information. This includes your name, address, email address, and phone number. You will also need to enter your PPP loan information.
After you have entered all of the required information, you will be able to submit your application for PPP loan forgiveness online.
