Where Do I Send My PPP Loan Forgiveness Application?

If you’re wondering where to send your PPP loan forgiveness application, you’re not alone. Here’s what you need to know to get it submitted correctly.

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SBA

The PPP loan forgiveness application is available on the SBA website. You will need to fill out the application and submit it to the SBA for review. The SBA will then determine if you are eligible for loan forgiveness.

Application

You will submit your PPP loan forgiveness application to the lender that is servicing your loan.

The SBA has not yet released a form or application for PPP loan forgiveness. However, the SBA has released interim final rules regarding PPP loan forgiveness that state that borrowers will need to submit the following information to their lender in order to request forgiveness:

-Documentation verifying the number of full-time equivalent (FTE) employees on payroll and pay rates, such as payroll tax filings reported to the IRS; state income, payroll and unemployment insurance filings; or Form W-2s.
-Documentation verifying eligible mortgage interest, rent and utility payments; such as canceled checks, payment receipts, transcripts of accounts, or Form 1099-MISC.
-If applicable, documentation of any eligible expenses for Owner Compensation Replacement calculated using the alternative method described in SBA Interim Final Rule on forgivable expenses. This alternative method allows you to include owner compensation over 25% of 2019 payroll in your forgivable FTE expense calculation.
-A certification from a representative of your business that is authorized to certify that the documentation provided is true and accurate and that you complied with all applicable program rules.
-A Forgiveness Calculation Worksheet Excel Spreadsheet (SBA Form 3508), which will be made available by the SBA soon. This Forgiveness Calculation Worksheet must be completed by all borrowers seeking forgiveness under Paycheck Protection Program (PPP). This Forgiveness Calculation form should not be submitted with the application for forgiveness but should be kept with the borrower’s supporting documentation in accordance with SBA guidance.

The SBA will make available a streamlined forgiveness application process for borrowers who:
-are self-employed with no employees; OR
-have loans for $50,000 or less.

Additional information regarding Paycheck Protection Program loan forgiveness can be found in our forgivenes guide or on the SBA’s website

Documentation

The SBA has released new guidance on the PPP loan forgiveness process. You can find the full guidance here.

In order to apply for forgiveness, you will need to submit the following documents to your lender:
-A completed Loan Forgiveness Application
-Documentation verifying the number of full-time equivalent (FTE) employees on payroll and pay rates for each employee, including:
-Payroll reports from your payroll provider
– Documentation from your payroll provider verifying gross wages paid to employees
– IRS Form 941 for each quarter
– State quarterly wage reporting and unemployment insurance tax reporting forms for each quarter
—OR—If you use a third-party payroll service, documentation showing total amount of salaries/wages paid to employees each quarter and identification of the applicable state(s) in which those salaries/wages were paid
(Please note that you do not need to submit this documentation if you reduced any employee’s salary/wage by more than 25% during any pay period between February 15, 2020 and April 26, 2020.)
– Documentation verifying eligible mortgage interest, rent or utility payments (e.g., cancelled checks, payment receipts or bank statements)
--OR— If you are claiming eligible costs for leased equipment, furnishings or vehicles, you must submit a copy of the lease agreement

Lender

The PPP loan forgiveness application must be sent to your lender, not the SBA. You should have received instructions from your lender on how to apply for forgiveness, which will include their contact information. If you have not received these instructions, please reach out to your lender directly.

Application

The PPP Loan Forgiveness Application is the document that a PPP borrower will use to apply for loan forgiveness with their lender. This form must be submitted to the lender who originated the PPP loan. The SBA will not accept this form.

The application includes:
– A calculation of how much of the loan is eligible for forgiveness
– An explanation of how the borrower used the loan proceeds
– Documentation to support the borrower’s use of loan proceeds
– The borrower’s certification that the information provided in the application and documentation is true and accurate

The SBA has released two versions of this form, one for borrowers with loans of $50,000 or less and one for borrowers with loans greater than $50,000. Borrowers should use the form that corresponds to their loan amount.

Documentation

In order to apply for PPP loan forgiveness, you will need to submit certain documentation to your lender. This includes:
-A completed and signed PPP Loan Forgiveness Application
-Documentation verifying payroll and non-payroll expenses
-Your most recent loan statement

Please note that you may also be required to submit additional documentation depending on your specific circumstances. Your lender will be able to provide you with more information on this.

Treasury

You should submit your PPP Loan Forgiveness Application to your lender or the lender that services your loan. You will work with your lender to complete and submit the forgiveness application.

Application

You will submit your PPP loan forgiveness application to your lender or loan servicer.

The SBA has an online portal for lenders and borrowers to submit their applications for PPP loan forgiveness, and you can find more information about that portal here.

If you have any questions about the application process, you can contact your lender or the SBA Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339).

Documentation

The SBA has released a new interim final rule that provides information on how borrowers can apply for forgiveness of their Paycheck Protection Program (PPP) loans. The rule also sets forth requirements for lenders to review and approve or deny a borrower’s application for forgiveness, and establishes a timeframe for the SBA to remit payment to the lender.

To apply for forgiveness of your PPP loan, you must submit to your lender—

– A completed Loan Forgiveness Application, which includes Schedule A, identifying eligible cash compensation and non-cash benefits paid to employees;
– Documentation verifying the eligible cash compensation and non-cash benefits paid to employees, such as bank account statements or third-party payroll service reports;
– Documentation verifying eligible payroll costs incurred and paid by the borrower during the covered period;
– If applicable, documentation verifying any eligible/qualified mortgage interest, rent, and utility payments made by the borrower during the covered period;
– A certification from a representative of the business that is authorized to certify that—
– The information provided in the application and supporting documentation is true and accurate in all material respects;
– The unconditional pardon of any individual who committed a crime against humanity is not an act of forgivenesstaken in connection with “the furtherance of political objectives”;and
– The recipient understands that intentionally false statements or omissions may lead to civil or criminal penalties.