How can I make sure all of my PPP loan gets forgiven?
In general, under the current laws and guidance, your PPP loan will be eligible for forgiveness if:
- At least 60% of PPP loan funds are used to pay employees and any remaining loan funds are used to pay the following business expenses:
- Interest portion of mortgage payments
- Rent/lease payments
- Utilities
- PPP loan funds are used within the required time period; and
- Staff and wage levels are maintained (subject to exceptions).
For more detail on the requirements for forgiveness, read our PPP Forgiveness FAQ located in the Tools & Resources box at the top of this page.
When can I apply for forgiveness?
Self-Help is staggering access to our online forgiveness portal, based on the date you received your loan. As we open our portal to loans in your date range, you will receive an email from us with your unique link to access your application, along with step-by-step instructions to help you maximize forgiveness on your PPP loan. Note that Congress is considering additional changes that would benefit many PPP borrowers. Self-Help is closely monitoring PPP laws and guidance, and will continue to update you as new information becomes available.
What is the deadline for applying for forgiveness?
You should apply for forgiveness within 10 months of the end of your Covered Period. If you apply for forgiveness within that timeframe, payments on your PPP loan will be deferred until SBA has processed your forgiveness request. If you do not apply for forgiveness within that timeframe, you must begin making payments on your loan.
How do I apply for forgiveness?
If you received a PPP loan from Self-Help, you will receive an email from our team with instructions on how to access your loan and enter your forgiveness information in our online portal. It is not necessary to download an application from the SBA website and fill it out. You will enter this information in our online portal.
If you did not receive your PPP loan from Self-Help, you cannot apply for forgiveness through Self-Help. You will have to contact your PPP lender and follow their instructions to apply for forgiveness.
What if I still have questions?
Check out our PPP Forgiveness FAQ: PPP forgiveness is complicated! Find detailed answers to common questions in our PPP Forgiveness FAQ located in the Tools & Resources box at the top of this page.