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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. The questions you will be asked in the portal correspond to those asked on SBA Form 3508, SBA Form 3508EZ, or SBA form 3508S. If you would prefer to work with your ...
This portal is made available by the US Small Business Administration to streamline forgiveness processing for PPP Borrowers. After registration, you may use this streamlined process to automatically submit your forgiveness request to your lender. The SBA also offers live customer service to borrowers at 877-552-2692.
Loans. COVID-19 relief options. Paycheck Protection Program. Paycheck Protection Program. 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.
Second Draw PPP Loans – How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (3/12/2021) Loan Forgiveness Factsheet (10/30/2020) PPP – Loan Forgiveness Application and Instructions for Borrowers who Received a PPP Loan of $150,000 or Less – Form 3508S (7/30/2021)
To apply for forgiveness through the SBA, you should visit the SBA’s PPP Direct Forgiveness Portal. Fill out SBA Form 3508S if your loan was for $150,000 or less. You don’t have to tell the ...
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. The Paycheck Protection Platform allows lenders to submit PPP loan requests and their ...
Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement. A borrower can apply for forgiveness once 1 Contact Your 2 Compile it has used all loan ...
PAYCHECK PROTECTION PROGRAM. Qs) on PPP Loan ForgivenessThe Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid ...
The SBA has closely scrutinized just a tiny portion of PPP loans for fraud and forgiveness eligibility. The agency said it used computer models to review all 11.4 million loans, but that auditors ...
The total amount of cash compensation eligible for forgiveness may not exceed a pro-rated annual salary of $100,000. This means the maximum you can claim for cash compensation is $46,154 for any individual employee during a 24-week covered period - the maximums are lower for periods of less than 24 weeks.
For PPP loans, the status will show “paid in full” if the PPP loan has been forgiven. PPP borrowers who are not sure if their loan has been forgiven and see other statuses should apply for forgiveness immediately. See the SBA website for instructions on how to apply for PPP forgiveness. Borrowers who need assistance with forgiveness can ...
Access capital. The SBA offers additional loan resources, disaster relief funding and other benefits. We are introducing a simplified Paycheck Protection Program (PPP) loan forgiveness application. Clients who are eligible for PPP loan forgiveness will receive an email with instructions on how to access the application.