do you have to apply for ppp loan forgiveness

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  • Is there a deadline to apply for PPP loan forgiveness?

  • There is no deadline to apply for PPP loan forgiveness. Lenders will continue accepting PPP forgiveness applications so long as borrowers have PPP loans. It鈥檚 recommended you apply for forgiveness before you need to make your first PPP loan payment. Here鈥檚 why. PPP loans have a covered period of 8 to 24 weeks after the funds hit your bank account.

  • How much of my PPP loan can I forgive for payroll?

  • For example, if a business gets a $20,000 PPP loan, they would need to spend at least $12,000鈥?0% of the loan鈥攐n payroll. However, they spend only $9,000 on payroll. This is 75% of the minimum payroll cost required for full forgiveness so their forgiveness amount is 75% of the loan.

  • What is a simplified PPP forgiveness application form?

  • A simplified PPP forgiveness application form for loan amounts of $150,000 or less. New forgivable expenses such as operational expenses, supplier costs, and property damages related to 2020 riots or public disturbances. A second draw PPP loan for businesses needing additional funding.

  • When to use form 3508s for PPP loan forgiveness?

  • Form 3508S: A borrower may use Form 3508S only if the borrower received a PPP loan of $150,000 or less for an individual First or Second Draw PPP Loan. If a borrower is not eligible to use this form, the borrower must apply for forgiveness using Form 3508 or Form 3508EZ (or lender鈥檚 equivalent form).

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