How to Apply
Requirements
You can no longer get PPP loan approvals (Paycheck Protection Program loan). The Paycheck Protection program ended on May 31, 2021. You may apply only for PPP forgiveness.
To have your PPP loan wholly forgiven, you must have spent PPP funds on the following expenses between 8 and 24 weeks from the day you received PPP funding:
During the covered period you choose, at least 60% of loan proceeds must have been spent on payroll incurred, not necessarily paid (including the owner's pay, salaries, wages, vacation pay, leave pay, and health benefits, but not payments made to independent contractors);
Utilities before February 15, 2020;
Commercial rent (as long as the lease was in effect before February 15, 2020);
Property damage expenditures incurred as a result of public disturbances in 2020 that are not covered by insurance;
Mortgage interest before February 15, 2020;
Supplier costs incurred before securing your PPP loan that was critical to business operations;
Worker safety expenditures, such as personal protective equipment or property modifications, must be COVID compliant beginning March 1, 2020.
Application details
The only information you'll need to apply for loan forgiveness is:
SBA loan number;
Business Tax Identifying Number (TIN), which will be either your Social Security Number (SSN) or your Employment Identifying Number (EIN), depending on how you filed for your loan.
Most loans under $150,000 will be able to apply for forgiveness in about 5 minutes. The company has your information from the initial application, so the process is streamlined and straightforward.
If your loan was through Prestamos CDFI, you should apply for loan forgiveness via the SBA. For questions, you can contact Prestamos at [email protected].
