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 will no longer be forgiven, and borrowers will begin making loan repayments to their PPP lender.

Is PPP loan forgiveness all or nothing?

The good news is that PPP loan forgiveness is not all or nothing. It’s possible to have the portion of your loan that fit the criteria forgiven, and that the remaining funds must be paid back. The interest rate on PPP loans is 1%, making it one of the lowest-cost loans you can get for your business.

How to fill out your PPP forgiveness application 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. But it’s not the simplest form to fill out. In this guide, we explain each section and walk you through exactly how to fill out this form to get your loan forgiven.

How to apply for SBA loan forgiveness for PPP?

To apply for loan forgiveness: 1. Contact your PPP Lender and complete the correct form: Your Lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, 2. Compile your documentation: Payroll (provide documentation for all payroll periods that overlapped with the …

How long does it take to get loan forgiveness from PPP?

Start your business in 10 steps. Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

How to contact Paycheck Protection Program loan forgiveness?

To contact them, go to the PPP center of your product and select Live Chat or you can connect with them directly using this link: For now, I’d suggest visiting the Paycheck Protection Program loan forgiveness website and register for their Newsletter.