Payroll Protection Program (PPP) Forgiveness Request Resources
My PPP loan was $150,000 or less – what has changed?
Legislation was passed which simplifies the loan forgiveness process on loans $150,000 and less.
We recommend that all borrowers with PPP loans $150,000 and less hold their application until the SBA issues its final guidance and the simplified process is finalized. C&F will notify you when our system is ready to begin the new process.
What happens if I have an Economic Injury Disaster Loan (EIDL) Advance?
Recent legislation was enacted to “close the EIDL loophole”. This is great news for our EIDL Advance recipients because the SBA will no longer deduct the amount of your EIDL advance from your approved PPP forgiveness amount. Please refer to the question above regarding your loan amount to determine if you should apply for forgiveness at this time.
When are my PPP loan payments due?
All PPP Loan payments have been deferred until after you apply for forgiveness and receive a response from the SBA.
What’s my timeline for requesting forgiveness?
Congress has extended the timeline for requesting forgiveness to 10 months after your covered period (the time period to spend the PPP funds) ends.
For example: a borrower who received their PPP loan proceeds on April 15th, 2020 could choose a 24-week covered period, which would end on September 30th, 2020. From there, they then have 10 months to apply for forgiveness, which would end on July 30th, 2021.
What Documentation is Required?
Documentation is a critical part of the forgiveness process. There are several factors which determine your documentation requirements. For guidance, please review our:
PPP Borrower Documentation Guide
What steps will I take to complete the forgiveness application?
Please note, our current training material does not include the recently passed legislation to streamline the forgiveness process for loans $150,000 and less. Once the new process is finalized, we will update the information in the link below. For resources and information on the current process, please review our:
PPP Client Resource Page