The Small Business Administration (SBA) will tentatively begin accepting forgiveness applications for Paycheck Protection Program (PPP) loans starting August 10. The date is tentative because as of this article's publication date, Congress was considering legislation that could make various changes to the current PPP loan program.
Here is what you need to do to apply for PPP loan forgiveness:
- Download EZ Application Form. If you are a self-employed worker, independent contractor or sole proprietor who has no employees, you may be eligible to use the EZ Loan Forgiveness Application. Click here to download the EZ form. Click here to download instructions for the EZ form.
- Download Regular Application Form. If you aren't eligible to use the EZ Loan Forgiveness Application, then you'll need to complete the regular loan forgiveness application. Click here to download the regular application.
- DO NOT submit the application to the SBA. Only lenders can submit forgiveness applications. Stay in contact with your lending institution about when and how to complete the loan forgiveness application.
- Do not rush the application process. While you may want to put behind you the forgiveness application process, there are still a lot of unanswered questions about the entire process.