Loan Forgiveness for Paycheck Protection Program

While the application period for the SBA's Paycheck Protection Program closed on May 31, 2021, existing borrowers may be able to have their loans forgiven.

Date Posted: August 4th, 2021 @ 10:07 AM
Last Updated: August 4th, 2021 @ 10:10 AM

The SBA has launched a streamlined application portal to allow borrowers with Paycheck Protection Program loans of up to $150,000 to apply for forgiveness directly through the SBA. A borrower can apply for PPP loan forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan.

Check to see if your lender is participating in direct forgiveness through the SBA and use the SBA’s portal to apply. The questions in the portal correspond to those asked on SBA form 3508S. After submission, be sure to monitor your application for forgiveness.

If your lender is not participating in SBA’s portal, you must apply for forgiveness through your lender. Your lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S or a lender equivalent. Your lender can provide further guidance on how to submit the application and may follow up to request additional documentation.

Borrowers who need assistance with direct forgiveness can contact SBA’s dedicated forgiveness call center at (877) 552-2692, Monday to Friday, 5 a.m. to 5 p.m. The call center can only assist direct forgiveness applicants; All other borrowers should contact their PPP lender directly.