PPP Loan Forgiveness Spreadsheet
FREE...Find your Maximum PP Loan Forgiveness Amount
Q: What is the procedure for obtaining forgiveness for the PPP loan?
A: The SBA released the PPP Loan Forgiveness Application on May 15th, and you can download the form here It should be noted, final guidance from the SBA has not yet been provided, so the following information is subject to change. Generally, these are the steps that will be followed by the forgiveness applicant and the lender:The loan recipient, the forgiveness applicant, will initiate the forgiveness request process by logging in to the PPPfast portal and providing all the detailed workforce information that is required, such as employee status, wages, work hours.
- PPPfast user will review the various reports and finalize any information on the SBA application.
- If The loan recipient will submit the application and any other documentation required to the lender.
- The Lender will verify the documentation submitted by the forgiveness applicant
- The Lender will contact the applicant with any outstanding questions or additional documentation requests.
- The applicant, utilizing the PPPfast software provides additional documentation and information to the lender if required.
- Once the review process is completed and no further documentation or information is needed, the lender submits the application and documentation to the SBA for review and forgiveness determination.
- The lender will inform the applicant with the SBA’s decision and amount of loan forgiveness
- If after applying the forgiveness amount, any outstanding loan balance is still owed, the lender will set up a payment schedule with the customer to pay back the outstanding balance over a period of two years from the date of the loan.
- Payments are not required on the loan for the first six months, although a 1% interest rate will continue to accrue.