When Can I Submit My PPP Loan Forgiveness Application?

By Brendan Tuytel on September 23, 2020

Forgiveness Timeline

The Paycheck Protection Program opened up for applications to most businesses on April 3 and for self-employed individuals on April 10. Many businesses have used up their initial PPP loan and are ready to apply for forgiveness.

Here’s everything you need to know if you’re ready to apply.

What lenders are accepting forgiveness applications?

Currently, there is only a small number of PPP lenders who are accepting forgiveness applications. Lenders that we know are accepting applications include:

  • TD Bank
  • Radius Bank
  • PayPal
  • Citizens Bank
  • Regions Bank
  • East West Bank
  • Incredible Bank
  • Seattle Bank
  • Bank of the West
  • MTB Bank
  • Zions Bank

This is not an all-encompassing list of open lenders. For the most updated information on the status of your specific PPP lender, we recommend checking out their PPP homepage, and watching out for important emails.

Why are forgiveness applications not widely available right now?

The official guidance on PPP forgiveness has changed several times, so some lenders are waiting as long as possible to start processing forgiveness applications. They want the forgiveness rules to be final so their work isn’t voided.

Some PPP lenders are also still developing their online portals to ensure their application processes are as efficient as possible (100% forgivable, government-backed loans require totally new systems and processes).

Where do I submit my application?

Each lender will be taking forgiveness applications through their own online portals. Once your lender is accepting forgiveness applications, they will let you know.

What can I do right now?

Take this time to review your numbers to see if you’re meeting all the requirements to have your loan 100% forgiven. Some payroll providers (like Gusto) are offering forgiveness reports that will provide you with a potential reduction number based on your payroll activity. These reports provide you with actionable steps to take if you have not met the terms for forgiveness on the entirety of the loan due to payroll activity. This will include any necessary changes to employee wages, headcount, and rehiring.

You can also start gathering the required documents for once applications open. You can find a list of documents in our guide on all things PPP loan forgiveness.

How long do I have to apply for forgiveness?

The SBA has not set a deadline to apply for forgiveness, but you have 10 months after the end of your covered period before you’ll be required to start making monthly payments.

Other COVID-19 Resources


This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Bench assumes no liability for actions taken in reliance upon the information contained herein.

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