How do I apply for PPP loan forgiveness?

Submit the forgiveness form and documentation to SBA or your PPP lender: 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.

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Consequently, do I have to wait 24 weeks to apply for PPP loan forgiveness?

Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination.

In this way, how can I get my PPP loan forgiven as a sole proprietor? PPP borrowers are eligible for forgiveness in an amount equal to the sum of their eligible expenses during their chosen 8-week to 24-week Covered Period. To be considered for full forgiveness, borrowers must use at least 60% of their loan proceeds on payroll costs.

Correspondingly, how do I fill out the PPP forgiveness application for self-employed?

What happens if you do not apply for PPP loan forgiveness?

If you don’t apply for loan forgiveness, your loan payments will be deferred for 10 months after the end of your selected covered period (8 or 24 weeks, depending on your loan) No collateral or personal guarantees are required. The government and lenders are not allowed to charge you any fees for your loan.

What happens if you miss PPP forgiveness deadline?

WHAT HAPPENS IF YOU MISS THE APPLICATION DEADLINE. If you don’t apply for loan forgiveness within 10 months after the last day of your covered period, you’ll be required to start making payments to your PPP lender at 1 percent interest, which started accruing when the loan was made.

What if you miss the PPP loan forgiveness deadline?

Missing the deadline will initiate monthly payments with interest. After the deadline, borrowers may still seek forgiveness up until their loan matures, which could be either two or five years.

What is the deadline for applying for PPP loan forgiveness?

First PPP Loan Forgiveness Deadline is August 30, 2021

Your deadline for submitting a PPP loan forgiveness application ends 10 months after your covered period ends. The common ending date for the covered period for the first round PPP loan draws was October 30, 2020.

What is the simplest PPP forgiveness application?

Form 3508S

Which form do I file for PPP loan forgiveness?

Form 3508S

Who can use the EZ form for PPP loan forgiveness?

Only borrowers who took out loans that were $150,000 or less can use the form. The Consolidated Appropriations Act expanded who can use this version of Form 3508. Originally, only borrowers who took out loans of $50,000 or less could use it. Now, borrowers who took out loans of $150,000 or less can use it.

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