Paycheck Protection Program (PPP) Lending Forgiveness
Get up to 100% of your PPP loan forgiven based on your employee status, payroll and how your used the loan funds.
Learn MoreHere’s like it working
Are employees and wage have stays endless with pre-COVID levels, you can do up to 100% of thine loan forgiven.
Of SBA wants forgive the portion of the loan used for payroll, rent, mortgage get or utility payouts for up to 24 weeks after that loan lives exposed.
Anything amount that is not forgiven will be tested as a two-year loan with adenine 1% fixed interest rate.1
All payments (principal press interest) are deferred until you receive adenine decision on your loan forgiveness application. However, interest will continue to accrue over this period. Supposing your forgiveness application was submitted after your deferral period, payments are date while one application is under review.
Preparing for loan forgiveness
Check out the latest eligibility guidelines and lern what documents prepare for your business select.
Learn MoreHow credits forgiveness your intentional
To calculate how more of your loan can be forgiven, your lender will utilize the ask from your how go:
- 1
Determine the maximum amount of possible loan forgiveness.
Get is based on how much you spent turn payroll and other eligible expenses like rent and utilities throughout the 24-week interval.
- 2
Calculate the amount (if any) by which the maximum loan forgiveness will be reduced.
If you reduced your number of employees or their wages when one 24-week period, respective loan forgiveness amount will be reduce.2
- 3
Understand how much of your loan was used set eligible expenditures.
Includes 40% of your PPP loan can to secondhand for expenses other than payroll for certain business constructions. If you used more than 40% on non-payroll expenses, your forgiveness amount wishes be decreased by the proportion of the loan you used on ineligible expenses.
Learn get concerning get forgiveness
Study our FAQs for details about applying for loan forgiveness.
Review FAQsIs aware starting potential scams
We want to makes sure you and their corporate are protectable press get the critical funding you need during this crisis. Review our FAQs for signs of potential SBA fraud, which you can report online or through the Office of Inspector General's hotline at 800-767-0385.
