How to Get Your PPP Loan Forgiveness
Contents
The Paycheck Protection Program (PPP) loan forgiveness process can seem daunting, but we’re here to help. Check out our step-by-step guide on how to get your PPP loan forgiven and get back to business.
PPP Loan Forgiveness’ style=”display:none”>Checkout this video:
Applying for Your PPP Loan
Gather the required documents
To apply for your PPP loan forgiveness, you will need to gather the required documentation and submit it to your lender.
The first step is to request your lender for the PPP Loan Forgiveness Application Form 3508. Once you have received the form, fill it out completely and accurately. You will need to provide information about your business, such as your employee count, payroll costs, and eligible non-payroll costs.
Next, you will need to gather supporting documentation for your application. This includes:
-Canceled checks or bank statements documenting eligible payroll and non-payroll expenses
– evidence of payroll processor payments made to employees
– mortgage interest payments
– rent or lease payments
– utility bills
Once you have gathered all of the required documentation, you can submit it to your lender for review. They will determine if you are eligible for loan forgiveness and how much of your loan will be forgiven.
Submit your application
To apply for a PPP loan, you’ll need to complete and submit the Paycheck Protection Program Loan Forgiveness Application. This application is used to calculate how much of your PPP loan may be forgiven.
You can find the PPP Loan Forgiveness Application on the SBA’s website.
Once you’ve completed the application, you’ll need to submit it to your lender. Your lender will then have 60 days to review and approve your application for forgiveness.
Applying for Loan Forgiveness
If you’re a small business owner who took out a Paycheck Protection Program (PPP) loan, you may be eligible for loan forgiveness. The PPP loan forgiveness program is designed to help small businesses keep their employees on the payroll during the COVID-19 pandemic. To apply for loan forgiveness, you’ll need to fill out and submit the Loan Forgiveness Application to your lender.
Gather the required documents
To apply for loan forgiveness, you (the borrower) must submit a request to your lender. You’ll need to provide documentation about your eligible payroll and non-payroll expenses. These may include:
-Payroll reports from your payroll provider
-Bank statements or canceled checks documenting eligible non-payroll expenses
-Documentation from your landlord or lease agreement
-Mortgage interest payments
-Utility invoices
Your lender is responsible for reviewing your forgiveness application and supporting documentation and determining whether you are eligible for loan forgiveness.
Submit your application
The PPP Loan Forgiveness Application is now available on SBA’s website.
You can also access the Application and Instructions through your lender.
Please remember, you will not be able to complete and submit your application without your lender’s participation.
We urge you to begin working with your lender as soon as possible so that you can submit a complete and accurate application for forgiveness.
What to Do if You’re Not Eligible for Loan Forgiveness
Appeal the decision
If you believe you should have been eligible for loan forgiveness but were denied, you can appeal the decision. The SBA will review your case and make a determination. You can submit your appeal online through the SBA website.
Refinance your loan
If you’re not eligible for loan forgiveness, you have a few options. One option is to refinance your loan through the Paycheck Protection Program. This process can help lower your interest rate and monthly payments. You can also choose to defer your loan payments for a period of time. Another option is to negotiate with your lender to try and get a lower interest rate or extended repayment terms.
