PPP Loan Forgiveness
Our business lending team is here to help make sure you have the necessary information and documents to make the loan forgiveness process successful.
At this time, the loan forgiveness portal is only available for 2020 PPP borrowers. The portal will be open to 2021 PPP borrowers within as soon as the SBA provides additional guidance.
Apply for Loan Forgiveness
To maximize your PPP loan forgiveness, 60% of the PPP loan must be used towards payroll and 40% towards eligible expenses. Eligible expenses include:
- Mortgage interest on business loans incurred prior to 02-5-2020.
- Operations expenses defined as payments for business software and cloud computing services and other human resources and accounting needs that facilitate business operations.
- Supplier costs defined as payments to a supplier for goods that are essential to the operations of the borrower pursuant to a contract or purchase order in effect before the PPP loan is disbursed or with respect to perishable goods, in effect at any time.
- Worker protection expenses defined as operating or capital expenditures to comply with public health guidance related to COVID-19, including things like drive-through windows and sneeze guards and the purchase of personal protective equipment (PPE).
- Covered property damage costs defined as costs related to property damage or looting due to public disturbances in 2020 that are not covered by insurance or other compensation.
If you need help with the forgiveness calculation, please contact one or all of the following resources:
Your accountant or CPA
Small Business Development Center