If you’re wondering how to cancel your PPP loan application, you’re not alone. Here’s what you need to know to make sure you’re doing it right.
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Cancelling Your PPP Loan Application
You may need to cancel your PPP loan application for several reasons. Maybe you applied for a PPP loan but your business did not qualify, or perhaps you have decided that you no longer need the loan. If you need to cancel your PPP loan application, the process is actually quite simple.
How to Cancel
If you’ve decided that you don’t need or want a PPP loan, you may be wondering how to cancel your application. The process is actually quite simple, and can be done entirely online.
Here’s how to cancel your PPP loan application:
1. Log into the SBA portal with your username and password.
2. On the left-hand side of the screen, under the Loans tab, click on the “Active” tab.
3. Find the loan that you want to cancel and click on the “Cancel Loan Application” button.
4. You will be asked to confirm that you want to cancel your loan application. Once you confirm, your application will be successfully cancelled.
What Happens if You Cancel
If you cancel your PPP loan application, the SBA will notify your lender that your application has been cancelled and your loan will not be funded. You will not be able to reapply for a PPP loan.
Your PPP Loan
If you’re approved for a Paycheck Protection Program (PPP) loan, you have a few options for how to use the money. You can use it all for payroll and some other approved expenses, or you can return part or all of the loan.
The PPP loan forgiveness process is pretty straightforward: If you use the loan money as intended—mainly, for payroll and other specified expenses— during the eight- to 24-week period after receiving the loan, your lender will forgive the portion of the loan used for those expenses.
However, if you decide you don’t need the loan after all, or if you only need part of it, there are a few things to know about canceling your PPP loan. Read on for more information about canceling your PPP loan and what that could mean for your business.
How to Avoid Cancelling Your PPP Loan Application
If you have already applied for a Paycheck Protection Program (PPP) loan, you may be wondering how to cancel your application. The PPP loan is a government-backed loan that helps small businesses keep their employees on the payroll during the COVID-19 pandemic. The PPP loan is 100% forgivable if at least 60% of the loan is used for payroll costs.
Applying for a PPP Loan
Information about how to apply for a Paycheck Protection Program (PPP) loan through the Small Business Administration (SBA).
You can apply for a PPP loan through any SBA-approved lender.
The PPP loan application consists of two parts:
1. the Loan Application Form
2. and the PPP Schedule A Worksheet.
You will also need to provide some supporting documentation, including:
* your most recent IRS tax return
* your personal financial statement
* your business license
* and a schedule of your business debts.