Re: PPP loan forgiveness request I know I still have time on my 8 weeks but wanted to find out what the forgiveness procedure would be from LoanBuilder(PayPal ppp). The SBA issues the rules and regulations, which are then undertaken by financial institutions, which are now mostly online. My loan number starting with A00 only has 9 digits on the website. However, if you did this then your forgiveness total will merely be reduced. These new PPP loans will have the same low rates, limited SBA requirements and loan forgiveness for qualified payroll expenses as the original PPP loans in the CARES Act. (B2), You must have made an offer in writing to rehire, You must have offered to rehire for the same wage and hours before the contract termination/hold, You must have documentation of the employee’s rejection, Payroll reports from your payroll provider, Income, payroll, and unemployment insurance filings from your state, Documents verifying any retirement and health insurance contributions, Documents verifying that your eligible interest, rent, and utility payments were active in February 2020, Documents verifying your eligible interest, rent, and utility payments (canceled checks, payment receipts, account statements). The main authorities over the PPP loan and forgiveness program are: These are the 2 primary organizations and the core piece of legislation that governs PPP loans and the corresponding forgiveness. Notably, as long as a business submits a loan forgiveness application within 10 months of their loan being used, they are not required to make any payments on the loan. If you have no employees, you can use the SBA 3508 EZ. There is no deadline for PPP loan forgiveness. Like many financial affairs the sooner you get it tackled, the better. The Borrower’s eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. SBA PPP stands for Small Business Administration Paycheck Protection Program – you might have heard about the … You will then have to download the form and fill it out. Next, determine the average number of full-time employees you maintained for two time periods: Divide the average number of employees by B1. Email address. For more information on forgiveness, please visit www.paypal.com/pppinfo. Learning Center. While the total time is 150 days (~5 months), borrowers can expect to receive funds closer to around 90 days on average. Phone #s not permitted]  I got that number from a person at WebBank [Removed. Otherwise, business owners could get extra work done from contractors and claim the PPP on it. There are online calculators that can make this easier to handle, but you will first need to identify the loan period (9 or 24 weeks), how much you spend on payroll, whether or not you paid your employees more than 75% of their typical salary, and the total PPP loan amount (if this is less than $50,000, you can use the simplified form for application). You aren’t required to start making loan repayments until your forgiveness decision is determined. While the Paycheck Protection Program is currently closed (as of August 8th, 2020), many businesses that took out the loan are still eligible for forgiveness, provided they have met the criteria. If you maintain less than the minimum headcount, your total forgiveness amount will be reduced proportionately. By keeping idle staff on unemployment will help maximize the PPP money available to pay those employees essential to the success of your practice right now. Forgot Password? Your lender is going to want additional documentation. At least 75 percent of the borrowed amount must go to payroll during those eight weeks, the remaining 25 percent can be used for certain eligible expenses including utilities and rent. The major stipulations for getting forgiveness on PPP are that you used the PPP for payroll, utilities, rent, and mortgage. What is the E-Tran system for the SBA? We use cookies in order to provide you with the best online experience. The so-called “PPP 2.0” will offer expanded qualifying standards to provide targeted funding to smaller businesses. So frustrating. Cookies help us customize the PayPal Community for you, and some are necessary to make our site work. But equally important is the list of steps to take in order for your application to work. How to Improve Employee Experience? PPP Loans are eligible for up to 100% forgiveness; Only PPP Loan funds used for payroll costs, rent, covered utilities, and interest on a mortgage (no prepayments) are eligible for forgiveness; At least 60% of total PPP Loan funds must be used for payroll costs (including benefits)