How do you apply for PPP loan forgiveness?

Depending on how much you borrowed, applying for PPP loan forgiveness can be a matter of minutes or may require more effort. Either way, here are the steps to follow: Step 1: Contact your lender. The first step in getting PPP loan forgiveness is to contact your lender directly. The lender has a responsibility to help borrowers get their loan forgiven. The SBA streamlined the process by launching the PPP Direct Forgiveness Portal, which allows borrowers to automatically submit their forgiveness application to the lender. There’s a big caveat with this new tool. The lender has to sign up for the SBA’s portal, which not all lenders have done. The SBA provided a list of participating lenders you can check to see if your lender is included. “You have to contact your lender and make sure they opted in,” Haut said. “Many lenders have an online process of their own that is quick and easy.



Starting with the lender is the best option.” If your lender is part of the Direct Forgiveness Portal and does not have an online portal of its own, use the SBA tool. FYI If your business needs financing, check out our recommendations for the best business Algeria Telemarketing Data  loans. Step 2: Determine if you are eligible for loan forgiveness. To get your PPP loan forgiven, you must meet specific requirements. The size of the loan will determine how much proof you need to provide. The eligibility requirements are as follows: At least 60 percent of the loan total was used to cover payroll costs and expenses. The remainder of the loan was spent on mortgage interest or rent, utility expenses,



operating costs, property damage caused by the pandemic, supplies and personal protective equipment (PPE). Employers attempted to maintain employment levels and pay that were in line with levels prior to the pandemic. If you can check off these boxes, you can move on to the next step. Tip In the first iteration of the PPP loan program, all Economic Injury Disaster Loans (EIDLs) small business owners received were deducted from the amount of PPP loan that could be forgiven. That is no longer the case. This means that even if you received other aid from the SBA, you can still get your PPP loan fully forgiven.