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 towards payroll costs and any remaining loan funds are used to pay eligible business expenses;
- PPP loan funds are used within 8 to 24 weeks from the date received; and
- Staff and wage levels are maintained (subject to exceptions).
For more detail on the requirements for forgiveness, read our PPP FAQ located in the Tools & Resources box on 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.
What is the deadline for applying for forgiveness?
You should apply for forgiveness within 10 months of the end of your Covered Period. Your Covered Period is the 8 to 24 week period you choose for use of your PPP loan, and begins the date you receive your PPP funds. 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. Self-Help will email your access link to apply for forgiveness in advance of the end of this 10-month window.
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 FAQ: PPP forgiveness is complicated! Find detailed answers to common questions in our PPP FAQ located in the Tools & Resources box on this page.