The US Small Business Administration has made this portal available to PPP Borrowers in order to expedite the forgiveness processing. Once you’ve registered, you can use this expedited procedure to send your lender an automatic request for forgiveness.
How do I apply for SBA Paycheck Protection Program (PPP) loan forgiveness?
Loan status information cannot be obtained by our customer support representatives via phone or messaging. Please visit the Paycheck Protection Program loan site for more information or to see the status of your loan.
Visit our PPP Loan Forgiveness page for additional information and requirements, or visit the SBA PPP Loan Forgiveness website for comprehensive details.
How do I apply for PaycheckProtection Program (PPP) loan forgiveness?
Visit our PPP Loan Forgiveness website for more details regarding the eligibility requirements and loan forgiveness application process if your WebBank PPP loan was obtained through PayPal. To start your application, go to the website and select Log in to Get Started. For information and instructions on how to apply for loan forgiveness, please get in touch with your loan provider if you didn’t receive your PPP loan through PayPal.
What does loan forgivenessmean?
When the SBA forgives a portion of your PPP loan, you are released from repayment obligations. If PPP loans meet SBA requirements, the SBA may forgive them in full or in part. If your use of the PPP loan funds satisfies the SBA’s loan forgiveness requirements, that will be the primary determinant of the loan forgiveness amount.
Which loan forgiveness form should I use?
SBA Form 3508S, which has been simplified, should be used by borrowers with loans of $150,000 or less. For loans exceeding $150,000, borrowers must use either the 3508EZ or 3508 form.
Do I have to submitsupporting documentation with my loan forgiveness application?
In some cases, supporting documentation for your application must be submitted.
First draw loans of $150,000 or less:
- Your loan forgiveness application does not need to be accompanied by any supporting documentation.
Second draw loans of $150,000 or less:
- Your loan forgiveness application does not need to be accompanied by any supporting documentation.
- If gross receipt reduction documentation was not previously provided at the time of loan application, it will be necessary to support the eligibility for a second draw loan.
First draw loans of more than $150,000:
- You must submit supporting documentation with your loan forgiveness application.
Second draw loans of more than $150,000:
- You must submit supporting documentation with your loan forgiveness application.
When can I apply for PPP loan forgiveness?
Applications for loan forgiveness for PPP loans disbursed in 2020 and 2021 are being accepted by PayPal.
Generally speaking, you have eight to twenty-four weeks from the date of loan disbursement to use loan proceeds for eligible SBA expenses. You should carefully consider your unique situation to see if you would benefit from using the entire 24-week period to maximize your loan forgiveness.
Your loan will enter repayment status and require monthly payments if you do not file an application for loan forgiveness within 10 months of the conclusion of the 24-week period starting on the date your loan was disbursed (roughly 17 months after your loan funds were disbursed). Before any payments are due, we’ll send you an email with the payment information.
How long will it take to process my loan forgiveness request?
PPP loan providers may recommend forgiveness to the SBA within 60 days of receiving a fully completed loan forgiveness application (including, if relevant, receipt of all necessary supporting documentation) and a final, signed SBA Loan Forgiveness Application form. The SBA has up to ninety days from the date of recommendation issuance to review the recommendation and notify the PPP loan provider of its approval. When the SBA gives us permission to do so, we will notify you of the results of its review and the status of your application for forgiveness.
To get started, simply log into our online portal and we’ll guide you through the process. Once you’ve provided the requested information and documentation (if necessary), we’ll prepare your SBA Loan Forgiveness Application form for your review and electronic signature. We’ll contact you if we need to clarify the information you’ve provided. You can also log in to the online portal to check on the status of your application or access your Loan Forgiveness Specialist contact information.
I applied for PPP loanforgiveness, but haven’t received a decision on my request.
You should receive PPP loan forgiveness application status and updates via email and through your Loan Forgiveness Specialist. To check on the status of your application or access your Loan Forgiveness Specialist contact information, please log into our PPP Loan Forgiveness Portal.
I’ve already applied for PPPloan forgiveness, but my application was declined by the SBA, or the SBAdetermined that I didn’t qualify for loan forgiveness in the full amount of myPPP loan. Can I reapply for forgiveness using the new one-page, SBA Form 3508Sthat doesn’t require documentation? Can I reapply and include the newcategories of forgiveness eligible expenses?
No. According to SBA guidelines, you are not permitted to reapply using the new form once the SBA has decided on your loan forgiveness application.
IMPORTANT NOTE:
The SBA keeps releasing updated and new guidelines regarding the Paycheck Protection Program’s forgiveness features. This webpage’s content is meant to help PPP loan borrowers understand the general procedure for having their loan forgiven, either fully or partially. It is not intended to serve as financial, tax, or legal advice. Please check the SBA website for published guidance and details. WebBank, Member FDIC, is the lender for the Paycheck Protection Program Loan made available through PayPal. Was this article helpful?.
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FAQ
Is it still possible to apply for PPP loan forgiveness?
Before the loan’s maturity date, or at any point after the entire amount has been utilised, you can apply for PPP loan forgiveness.
What proof is needed for PPP forgiveness?
Documentation of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount, such as payment receipts, cancelled checks, or account statements
Can I still get a PPP loan in 2023?
The PPP loan program is no longer available. The ERC can still be claimed retroactively. Companies that obtained a PPP loan are still eligible to apply for the ERC
How do I get a PPP loan forgiveness letter?
If borrowers require help with direct forgiveness, they can get in touch with SBA by calling our special forgiveness hotline at 877-552-2692. The call center is open Monday – Friday, 8 a. m. – 5 p. m. ET. The call center can only assist direct forgiveness applicants. All other borrowers should contact their PPP lender.
Read More :
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness
https://www.paypal.com/us/cshelp/article/how-do-i-apply-for-sba-paycheck-protection-program-ppp-loan-forgiveness-help229