Paycheck Protection Program (PPP) Forgiveness Information
PPP forgiveness updates
2021 PPP borrowers: Forgiveness applications have not yet been sent. We anticipate starting the forgiveness process in October 2021.
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].
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.
For PPP loans made in 2020, we are continuously working on processing and submitting forgiveness applications 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.
For PPP loans made in 2021, the forgiveness application process will begin in October. We are not beginning the forgiveness process immediately to ensure that your forgiveness process is as simple as possible. SBA may make the forgiveness process easier than it is today and we want to be sure you benefit from any changes. Waiting also ensures that you do not apply for forgiveness too soon and risk not having your loan fully forgiven because your covered period was too short. Thank you for your patience as we continue to focus on securing forgiveness for 2020 PPP borrowers.
Remember: for all PPP borrowers, 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
PPP general information
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!