According to the SBA, forgiveness has been requested for 92% of all PPP loans.

PPP debts were canceled in full or in part in 88% of cases, according to a press release from April 2022.

According to the April-end data, 23% of people have yet to apply for PPP loan forgiveness.

Check whether your lender participates in SBA direct forgiveness ( SBA webpage)and fill out the appropriate form.

Borrowers can seek forgiveness at any time until the loan's maturity date.

Borrowers who do not have a participating lender must apply through them.

Fill in the application and send it to the SBA direct forgiveness portal or your lender, along with the required supporting papers.

As part of the loan review or audit process, the SBA may seek information and documents to review.

Remember, PPP loan payments will no longer be deferred if debtors do not request forgiveness within 10 months of the term's end.

Borrowers can reapply if they previously returned some or all of their First Draw PPP loan funds.


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