Your forgiveness application is not due until 10 months after the end of the Covered Period you select (either 8 weeks or 24 weeks from initial loan disbursement).
You can submit your forgiveness application and supporting documentation in our Forgiveness Portal. Email invitations to the portal will be staged by order of date of loan disbursement If you are ready to apply and have not yet received your login credentials, please complete the Request Access form.
If you applied for your PPP loan with a Form 940, 941, 944, or W-2., You may be eligible for full forgiveness if:
- The entire loan is used for qualifying costs:
- At least 60% is used for payroll
- And the rest is used for business rent, business utilities, or mortgage interest on a business property
- You either do not lay off employees or if you do, rehire them by December 31, 2020.
- For your employees who make less than $100,000 a year, you either do not cut their wages by more than 25% or if you do, you restore their original wages by December 31, 2020.
Note: If you received an EIDL Advance, the amount of that EIDL Advance will be deducted from your total forgiveness amount.
You may be eligible for partial forgiveness if:
- You lay off employees, and do not rehire them by December 31, 2020, the forgiveness amount will be reduced by the percent decrease in employees. For example, if you lay off 20% of your employees, your forgiveness amount may be reduced by 20%
- Your total payroll expenses for employees who make less than $100,000 a year decreases by more than 25% for each employee, the forgiveness amount may be reduced by the same percentage
- You received an EIDL Advance
If you applied for your PPP loan with a Form 1040 Schedule C.
If you selected the full loan amount in your PPP application, your loan may be fully forgivable if:
- Your owner compensation replacement is limited to eight weeks of your 2019 net profit reported on your Form 1040 Schedule C
- No more than 40% of loan funds are spent on certain business expenses that are deductible on your Form 1040 Schedule C, such as business utilities, business rent, or mortgage interest on a business property. (Rent, utilities, or mortgage interest for your personal residence are not eligible).
Note: If you received an EIDL Advance, the amount of that EIDL Advance will be deducted from your total forgiveness amount