The most significant benefit of the Paycheck Protection Program is the opportunity for the full amount of the loan to be forgiven. Loan forgiveness is based on payroll costs, rent, utilities, and mortgage interest expenses during the 24-week period following funding of the loan. Here, we’re providing PPP loan forgiveness guidance, and we’ve have put together a list of resources that will help Pursuit PPP borrowers understand PPP loan forgiveness requirements.
PPP loan forgiveness update
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].
To apply for forgiveness, you will need your SBA loan number, loan amount, funded date, and covered period end date. This information was emailed to Pursuit PPP borrowers on 3/12/21 from [email protected] with the subject line “Important update on loan forgiveness.” It can also be found in your closing documents. Please check your junk mail folder and inbox for this email or your closing documents before contacting Pursuit for this information.
Loan forgiveness support resources
Although the PPP program is governed by SBA, Pursuit made your PPP loan, and we are assisting you in completing the forgiveness application to give you the best PPP loan forgiveness guidance. We will also process it with SBA – all communication about loan forgiveness will go through Pursuit.
Please reference the following resources as you apply for forgiveness as many of your questions will be answered there.
PPP forgiveness guides
- For loans under $150,000: PPP Forgiveness Guide for SBA Form 3508S
- For loans above $150,000: PPP Forgiveness Guide
Frequently asked questions
- The U.S. Treasury maintains a webpage with the most up-to-date information on PPP and PPP forgiveness
Pursuit is available to assist with the rules and processing of your forgiveness application, but we are unable 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. (You can locate one near you on the SBA website here).
Please be aware that there is no need to pay a third party “expert” to maximize PPP forgiveness. Be wary of those who claim they are experts in this area, especially as many details have yet to be released by SBA!