Your loan payments are no longer deferred if you don't submit a forgiveness application within 10 months of the end of the covered term.
Contacting your lender immediately is the first step in obtaining PPP loan forgiveness.
Lenders must assist debtors in getting their loans forgiven.
Directforgiveness.sba.gov service enables borrowers to automatically submit their forgiveness application to the lender.
Payroll and other expenses were paid for at least 60% of the total loan amount.
Fill out an SBA Form 3508 to be eligible for forgiveness of your PPP loan.
Basic company information, such as name and address, tax ID number, and contact details, are required for each application.
If your company doesn't employ anyone or if you didn't cut employee pay by more than 25%, use Form 3508EZ.
There is no documentation needed for Form 3508S, and the maximum loan amount is $150,000.
Small business borrowers ineligible to submit forms 3508EZ or 3508S should use SBA Form 3508 instead.