Reopening Guides:


UPDATE: The SBA has opened opened a new portal that businesses with loans of less than $150,000 can use to apply for forgiveness directly which opened on August 4. You can opt-in to the program here.

SBA Administrator Isabel Guzman says “The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic.” If you received loans of more than $150,000, or need more information on applying for forgiveness, you can view our definitive guide to PPP forgiveness which features videos from a webinar with the SBA.



On May 28, 2021, the U.S. Small Business Administration (SBA) announced that the Paycheck Protection Program’s (PPP) funding is exhausted and they would no longer approve any applications. Many borrowers who received a PPP loan can still apply for forgiveness, but time is running out. This guide referencing the most recent SBA guidance can help you navigate the process and answer your questions. 

When can I apply for forgiveness? 

Borrowers who applied for and received a PPP loan have 10 months from the end of their covered loan period to apply for loan forgiveness. After that, they must start making payments to their lender.  

Who is eligible? 

First Draw PPP loans have the same eligibility requirements as Second Draw PPP loans and require three conditions to be met for full loan forgiveness. The SBA checks to see if you have met these conditions after the eight- to 24-week covered period following loan disbursement: 

  • You must maintain employee and compensation levels. 
  • You must spend the loan proceeds on eligible expenses like payroll costs. 
  • You must spend at least 60% of the proceeds on payroll costs. 


A borrower can apply for 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. Take the following steps to apply:  

  1. Contact your PPP lender and complete the correct form
  2. Compile documentation showing that you have met eligibility requirements. This includes payroll documentation like bank statements, payment receipts, and tax forms, or non-payroll documentation like business mortgage statements. You must have documentation for claimed expenses that were incurred during the loan’s covered period.  
  3. Turn the documentation and forms in to your lender and complete any other steps your lender requires. The SBA will contact them with decisions, so you should continue to communicate with your lender throughout the application process. 

For more details or additional FAQs, you can visit the SBA website.