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Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. Effective March 13, 2024, all borrowers, regardless of loan size, can use SBA's direct forgiveness portal. Applying for forgiveness using the portal can take as little as 15 minutes.
All PPP lenders may accept scanned copies of signed loan forgiveness applications and documents containing the information and certifications required by SBA Form 3508, 3508EZ, or lender equivalent.
If a business received an Economic Injury Disaster Loan advance in addition to a Paycheck Protection Program (PPP) loan, the amount of the Economic Injury Disaster Loan advance will be deducted from the PPP loan forgiveness amount by SBA.
Get information about the SBA loan program that helped businesses keep their workforce employed during the COVID-19 crisis. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and
All PPP loan recipients can apply for forgiveness via their lender. If your business received a PPP loan before the program ended on May 31, 2021, you can apply for PPP loan...
Those who have met the payroll requirements can simply complete the PPP forgiveness application, which takes most borrowers less than 15 minutes. If PPP borrowers are unsure if their loan has been forgiven, they can check by logging in to the MySBA loan portal.
PPP loans, in whole or in part, are eligible for loan forgiveness if funds were used for certain eligible business expenses. However, if you pay off your loan in full before you apply for forgiveness, you are no longer eligible for loan forgiveness.