Search results
- Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement.
home.treasury.gov › system › files
People also ask
Is the Paycheck Protection Program loan forgiveness guaranteed?
Can I request forgiveness for a second PPP loan?
Can I request forgiveness for my PPP loan without submitting non-payroll costs?
How do I get SBA forgiveness?
Aug 11, 2020 · You must use at least 60% of funds for eligible payroll costs to qualify for full Loan Forgiveness. You can use up to 40% of funds for eligible non-payroll costs. Payments are generally deferred until 10 months after your 8-week or 24-week Covered Period ends.
- Have spent all of your PPP funds on eligible costs
- Gather documents to submit
- Review our Forgiveness resources
The SBA states that borrowers can request Forgiveness only for PPP funds they’ve already spent.
Click here to learn what documents you’ll need to submit, as well as acceptable formats, sizes, file names and maximum number of files that you can upload per category.
FAQs: Answers to common questions about SBA rules and Forgiveness Glossary: Definitions of terms you may come across as you complete your request
- 165KB
- 2
The SBA states that borrowers can request Forgiveness only for PPP funds they’ve already spent. Choose the right SBA Form to use. Form 3508S. Form 3508EZ. We will pre-fill these four fields on your online Forgiveness request: SBA PPP Loan Number, Chase PPP Loan Number, Funded PPP Loan Amount, PPP Loan Disbursement Date.
- 139KB
- 2
Jan 21, 2021 · Guidance for questions concerning requesting Forgiveness from the SBA Paycheck Protection Program. I. What to Document. II. What to Prepare. a. Loan Forgiveness and Your Employees. III. Loan Forgiveness and Change of Ownership. IV. Requesting Loan Forgiveness. V. What to Expect After Requesting Forgiveness.
This checklist will help you prepare to request Loan Forgiveness through Chase. We’ll email you when you can request Forgiveness. You must request Forgiveness separately for your first and second Paycheck Protection Program (PPP) Loans if you have two.
Apr 24, 2020 · We'll send you an email confirming your loan amount was approved and deposit funds into your oldest Chase Business checking account. We recommend you review the latest SBA guidelines to ensure you know how you can use the loan proceeds and understand the latest requirements for loan forgiveness.
PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS CHECKLIST. This checklist will help you prepare to request Forgiveness through JPMorgan Chase. We recommend you take your time in reviewing the request process so that you have a clear understanding of what is required.