Paycheck Protection Program

Loan Forgiveness

For Borrowers

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 aer disbursement. A borrower can apply for forgiveness once it has used all

loan proceeds for which the borrower is requesting forgiveness. 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 aer the last day of the covered period, then PPP loan payments are no longer deferred and

requirements. Your Lender can provide further guidance on how to submit the application.

2. Compile your documentation

Payroll (provide documentation for all payroll periods that overlapped with the Covered

Period or the Alternative Payroll Covered Period):

•

Bank account statements or third-party payroll service provider reports documenting the

amount of cash compensation paid to employees.

• Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the

Covered Period or the Alternative Payroll Covered Period:

•

forgiveness amount.

Non-payroll (for expenses that were incurred or paid during the covered period and showing that obligations

or services existed prior to February 15, 2020):

•

Business mortgage interest payments: Copy of lender amortization schedule and receipts verifying

payments, or lender account statements.

• Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks

verifying eligible payments.

•

Business utility payments: Copies of invoices and receipts, cancelled checks or account statements.

This list of documents required to be submitted to the Lender is not all-inclusive. Please refer to

www.sba.gov/ppp for a complete list of requirements, instructions and forms.

3. Submit the forgiveness form and documentation to your

PPP Lender

Complete your loan forgiveness application and submit it to your Lender with the re-

quired supporting documents and follow up with your Lender to submit additional documentation

as requested. Consult your Lender for additional guidance and provide requested documentation in a

timely manner.

4. Continue to communicate with your Lender throughout the

If applicable, SBA will deduct any EIDL advance amount you have received from the forgiveness amount

remitted to the Lender, as required by section 1110(e)(6) of the CARES Act. Borrowers are required to retain

certain documents for six years after the date the loan is forgiven or repaid in full.