PPP Borrowers Who Have Not Yet Applied for Forgiveness Have Until March 3rd to Apply
The U.S. Small Business Administration is encouraging all PPP Borrowers who have not yet applied for Forgiveness to do so prior to March 3, 2024.
What can borrowers do?
If you have a PPP loan under $100,000, you can still apply for PPP Forgiveness between now and March 3, 2024. If your lender is participating in the direct forgiveness portal, you can apply at https://directforgiveness.sba.gov/. If your lender is not participating in the SBA direct forgiveness portal, you will need to contact them directly. You can find a list of participating in the SBA direct forgiveness portal here.
You will need your loan number and the following information to apply for forgiveness:
- The number of weeks the loan was to cover
- Number of employees at the time of the loan
- Number of employees as of today
- Amount of PPP spent on payroll (must be over 60% for entire amount to be forgiven)
- Total amount you are requesting to be forgiven
Need assistance? Contact the SBA’s Forgiveness Hotline at 877-552-2692.
