Paycheck Protection Program (PPP) Forgiveness Information
PPP forgiveness updates
2020 PPP borrowers: All forgiveness applications have now been sent for borrowers with PPP loans disbursed in 2020. The email was sent from [email protected] with the subject line of “Apply for PPP Forgiveness.” Please check your junk mail folder and inbox for the message. If you did not receive your forgiveness application, please email [email protected].
2021 PPP borrowers: Forgiveness applications have not yet been sent. We anticipate starting the forgiveness process in October 2021.
When will my PPP loan be forgiven?
We know that completing the forgiveness process is important to you. We wanted to offer some transparency regarding Pursuit’s timeline for forgiveness applications.
First and foremost, we processed an extremely high volume of PPP loans. In addition, we are administering the current round of PPP, and are focusing on helping you and other borrowers obtain additional PPP funds.
We are continuously working on processing PPP forgiveness applications and submitting them to SBA for approval, and it will take us a few months to move them all forward. This timeline allows us to process your application diligently when it’s turn comes up for review. We have received forgiveness on all loans that we have submitted to SBA, so our track record in securing forgiveness for borrowers is strong.
We will contact you if there are any issues with your application before submitting to SBA and send you a confirmation email when your loan has been submitted to SBA. Please know that per legislation, SBA has up to 90 days to review an application (and we have seen this timeframe go longer). Unfortunately, we cannot obtain updates on status once a forgiveness application has been submitted to SBA.
Remember: no payments are due on your PPP loan until after forgiveness has been determined. You will not incur additional expenses as you wait for your loan to be forgiven.
Finally, we thank you for your patience. We recognize that it continues to be a difficult time for small businesses and we are working hard to support you.
PPP Forgiveness Resource Center
- Frequently Asked Questions
- FAQ: Loan forgiveness guidance
Please note that Pursuit is not able to provide in-depth business advice on loan forgiveness. We recommend that you speak with your accountant, business advisor, or seek assistance from a local Small Business Development Center.
Be aware that there is no need to pay a third party “expert” to maximize PPP forgiveness!