Paycheck Protection Program (PPP) Loan Forgiveness
The Paycheck Protection Program (PPP), designed to help businesses keep their workforce employed during the pandemic, ended as of May 31, 2021. Those who received relief loans through the PPP may be eligible for loan forgiveness.
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
To apply for loan forgiveness:
- Contact your lender and complete the correct forms
- Compile the necessary documentation
- Submit forgiveness forms and documentation to your PPP lender