The questions you will be asked in the portal correspond to those asked on SBA Form 3508, SBA Form 3508EZ, or SBA form 3508S. SBA provides materials in languages other than English to help business owners recover. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
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If you are unsure about your PPP loan status, or if your PPP loan application has been flagged due to data anomalies, please contact your lender to get more information. If you are unsure about your PPP loan status, or if your PPP loan application has been flagged due to data anomalies, please contact your lender to get more information. PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP loan with the same general loan terms as their First Draw PPP loan. Create an account in the MySBA Loan Portal to monitor your PPP loan status. All new First Draw PPP loans will have the same terms regardless of lender or borrower. Applying for forgiveness using the portal can take as little as 15 minutes.
Additional forgiveness resources
Borrowers who have had their application submitted to SBA by their lender can create an account in the SBA Capital Access Financial System (CAFS) to monitor their loan status. PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Lenders typically decide when to submit individual PPP loan applications to SBA. Therefore, any questions or concerns regarding individual PPP loan applications must be directed to your lender. SBA is working to ensure fair and equitable access to its programs and will soon provide additional reporting on how the Agency is working to meet these goals. Demographic information is provided voluntarily by borrowers to their lenders.
- All new First Draw PPP loans will have the same terms regardless of lender or borrower.
- If you would prefer to work with your lender, lenders can still accept PPP forgiveness applications directly.
- Lenders typically decide when to submit individual PPP loan applications to SBA.
- This will ensure a more accessible process for borrowers, no matter loan size.
- SBA and Treasury will also consider board membership composition as a proxy for ownership and control when determining the minority-, women-, veteran-, and military-owned status of non-profit lenders.
- SBA is working to ensure fair and equitable access to its programs and will soon provide additional reporting on how the Agency is working to meet these goals.
PPP loan forgiveness
For most borrowers, the maximum loan amount of a Second Draw PPP loan is 2.5x the average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP loan is 3.5x the average monthly 2019 or 2020 payroll costs up to $2 million. Your lender can provide information about the progress of your forgiveness application. SBA Form 3508 and SBA Form 3508EZ do require a borrower to provide additional documentation upon forgiveness submission.
Lender notices
In the instructions for each form, see the section titled “Documents that Each Borrower Must Submit with its PPP Loan Forgiveness Application” for additional details. SBA and Treasury will also consider board membership composition as a proxy for ownership and control when determining the minority-, women-, veteran-, and military-owned status of non-profit lenders. All Second Draw PPP Loans will have the same terms regardless of lender or borrower. Payments can only be made using the MySBA Loan Portal for SBA-purchased PPP loans. Use SBA’s local assistance directory to locate the SBA District Office or Resource Partner service location nearest you.
This will ensure a more accessible process for borrowers, no matter loan size. If you would prefer to work with your lender, lenders can still accept PPP forgiveness applications directly. Such factors include cases in which the lender does ppp scooter mfg cdt not meet all of the requirements listed on that form.
- Second Draw PPP loans can be used to help fund payroll costs, including benefits.
- All lenders will be required to decision forgiveness applications received through the portal.
- Demographic information is provided voluntarily by borrowers to their lenders.
- PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll.
SBA Form 3508S does not require borrowers to provide additional documentation upon forgiveness submission, but borrowers should be prepared to provide relevant documentation if requested as part of the loan review or audit processes. Each forgiveness form has unique instructions for documentation that must be submitted with your loan forgiveness application. For detailed instructions, refer to your chosen forgiveness form for clear guidance. Beginning in March 2024, all borrowers applying for forgiveness can use SBA’s Direct Forgiveness Portal (DFP).
We provide documents in 17 different languages to help you understand eligibility requirements, fill out applications, and answer frequently asked questions. All lenders will be required to decision forgiveness applications received through the portal. When a borrower submits an application their PPP lender will get a notice.
Second Draw PPP loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. Effective March 13, 2024, all borrowers, regardless of loan size, can use SBA’s direct forgiveness portal.