You must apply for forgiveness within 10 months after the end of the ‘Covered Period. ‘ which is the 24-week period that starts when you received your PPP loan. The lender (i.e. your bank) has 2 months to process your loan forgiveness application then SBA has three additional months to approve your forgiveness.

Where do I submit my PPP forgiveness?

Depending on whether your lender is participating in direct forgiveness, complete your loan forgiveness application and submit it via the SBA direct forgiveness portal or via your lender with the required supporting documents. Your lender may follow up to request additional documentation.

Do I need to fill out PPP forgiveness?

Note: If you’re self-employed, you can save time applying for PPP forgiveness with the new EZ Form. On May 18, the SBA released the official form you’ll need to fill out in order to apply for forgiveness on your PPP loan, also known as SBA Form 3508.

What counts as payroll costs for PPP forgiveness?

Yes, covered “payroll costs” include paid sick, family, vacation and medical leaves, except for payments to employees for leave covered under the Families First Coronavirus Response Act.

When do I need to apply for forgiveness on my PPP loan?

What is the PPP loan forgiveness deadline? There is no deadline to apply for PPP loan forgiveness. Lenders will continue accepting PPP forgiveness applications so long as borrowers have PPP loans. It’s recommended you apply for forgiveness before you need to make your first PPP loan payment.

How much can you hire back with a PPP loan?

If you only hire back two out of the three employees, your workforce is 67% (two thirds) of your original headcount. Over the 24 weeks of the PPP coverage period, you spend $36,000 on your employees (more than your PPP loan amount). You claim the full $22,500 of your PPP loan for forgiveness.

What’s the easiest form to apply for forgiveness?

If your loan amount is $150,000 or less, you can use form 3508S to apply for forgiveness. This form is the simplest of the forgiveness application forms. You don’t need to show your calculations or supply any documents while applying.

Can a self employed person take a PPP loan?

Self-employed individuals can take the entire PPP loan amount as owner compensation replacement so long as you use a covered period of 24 weeks. This means you can put the full loan amount as both your payroll expense and the amount you’re requesting forgiveness on.