The Small Business Administration (SBA) has recently updated the PPP loan forgiveness process, allowing Borrowers with a loan amount of $150,000 or less to complete and submit their forgiveness application directly to the SBA instead of to the lender, resulting in a much faster and simplified forgiveness process.
The application can be completed in less than ten minutes by clicking the link below, and following instructions provided by the SBA.
When to Apply:
The majority of PPP Borrowers are now eligible to apply for forgiveness. As a reminder, PPP funds must be used for eligible expenses during the Covered Period, a timeframe that ranges from a minimum of eight weeks from the date loan proceeds were received by the borrower, up to a maximum of 24 weeks. Forgiveness can be requested upon the completion of your Covered Period. Borrowers who choose not to apply for forgiveness within 10 months of the end of their Covered Period must begin making loan payments.
Important: Before you begin, please ensure you will be the authorized signer on the forgiveness request and have the authority to act on behalf of the PPP Borrower.
To complete this request you will need:
For any questions or issues completing the application, you can access SBA PPP Direct Forgiveness customer service by calling 877-552-2692.