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Any other funds after payroll are spent on other eligible expenses.At least 60% of the loan is spent on payroll costs, and.You must maintain your employees’ compensation levels (if you have employees),.In order to receive loan forgiveness, you must meet certain requirements and spend your funds on specific authorized expenses.įor first draw and second draw PPP loans, those requirements are as follows:

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Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free ! PPP forgiveness under 150k: terms you must meet before applying Womply has made email marketing truly automatic for busy small business owners and all types of independent contractors.

If your lender uses an online or internal process for completing and submitting forgiveness applications, this guide will still be useful in preparing you for that process. With multiple forgiveness application forms available and little information on how or when to apply, we want to help make this process as easy for you as possible.įollow this guide if you took out a loan of $150,000 or less, regardless of if you are an independent contractor, sole proprietor, gig worker, or business owner with employees. Īfter you’ve received and spent your PPP funds according to the rules, the next step in the process is to apply for loan forgiveness so you don’t have to pay your loan back. If your lender has opted-in you can apply via the SBA’s direct forgiveness portal. Please contact your PPP lender for information on their forgiveness process. IMPORTANT NOTE: Womply is not involved with PPP forgiveness.

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For full details, read our post about the new SBA PPP Direct Forgiveness Portal and other recent rule changes. If your PPP loan was for $150,000 or less, AND if your lender has opted-in to the use of the platform, you will be able to submit your PPP loan forgiveness application online directly to the SBA, using the electronic equivalent of SBA Form 3508S. The SBA has established an online PPP forgiveness platform called the SBA PPP Direct Forgiveness Portal. URGENT PPP FORGIVENESS UPDATE: On July 28, 2021, the SBA announced big news (for most PPP borrowers).

Walkthrough/instructions for filling out the PPP loan forgiveness application: Form 3508S.

Notes on PPP loan forgiveness under 50k.

How and when should you apply for PPP loan forgiveness?.

PPP forgiveness terms you must meet before applying.

NEW UPDATE! SBA PPP Direct Forgiveness Portal announced.

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