How to Cancel a PPP Loan Application
Are you having second thoughts about that Paycheck Protection Program loan you applied for? Here’s how to cancel your PPP loan application.
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Cancelling a PPP Loan Application
You may cancel your PPP loan application at any time prior to the disbursement of funds by the lender. To do so, you will need to contact your lender and request that they cancel your application. Be sure to have your loan number handy when you call.
Log into the SBA’s Paycheck Protection Program site
Log into the SBA’s Paycheck Protection Program site with the credentials provided to you when you registered for an account. If you forgot your login information, click on the “Forgot Password” or “Forgot Username” link on the login page.
Click on the “Forgiveness” tab
1. Navigate to the “Forgiveness” tab, located on the left-hand side of the screen.
2. On the “Forgiveness” page, you will see a list of all of your PPP loan applications.
3. Find the loan application that you would like to cancel, and click on the “Cancel” button to the right of it.
4. In the pop-up window that appears, confirm that you would like to cancel the loan application by clicking on the “Yes, cancel this application” button.
If you decide that you no longer want to apply for a PPP loan, you can cancel your application at any time. To do so, simply log into your account and click on the “Cancel Loan” button. You will then be prompted to confirm your decision. Once you cancel your loan application, it cannot be undone.
What Happens After You Cancel a PPP Loan Application
You will receive an email confirmation
You will receive an email confirmation
Thank you for cancelling your application for a Paycheck Protection Program (PPP) loan. We will send you an email confirmation within 3 business days.
The PPP loan will be removed from your account
When you cancel your PPP loan application, the PPP loan will be removed from your account. You will no longer have access to the funds and will not be able to use them for your business.
You will no longer be able to access the PPP loan forgiveness portal
If you cancel your PPP loan application, you will no longer be able to access the PPP loan forgiveness portal. This means that you will not be able to submit your application for forgiveness or track the status of your application.
