Forgiveness Q&A
How can I make sure my PPP loan gets forgiven?
In general, under the current laws and guidance, your PPP loan will be eligible for forgiveness if:
- At least 60% of PPP loan funds are used towards payroll costs and any remaining loan funds are used to pay eligible business expenses;
- PPP loan funds are used within 8 to 24 weeks from the date received; and
- Staff and wage levels are maintained (subject to exceptions).
For more detail on the requirements for loan forgiveness, read our general PPP Forgiveness FAQ and Borrower Guides by Entity/Tax Filing Type (with specific guidance for your entity type) located in the Tools & Resources section on this page.
When should I apply for forgiveness?
- 2020 PPP loans: Self-Help has provided access to our online forgiveness portal to all borrowers who received a PPP loan through Self-Help in 2020. Please contact us at postclosing-ppp@self-helpfcu.org if you need us to resend your access link.
- 2021 PPP loans: Self-Help anticipates starting the forgiveness process for 2021 PPP loans this fall. Self-Help will stagger access to our online forgiveness portal based on the date you received your loan. As we open our portal to loans in your date range, you will receive an email from us with your unique link to access your application, along with our Step-by-Step Forgiveness Instructions to help you maximize forgiveness on your PPP loan. If you received a 2nd PPP loan, you may not apply for forgiveness for your 2nd PPP loan prior to applying for forgiveness for your 1st PPP loan.
- You should apply for forgiveness within 10 months + 24 weeks (about 15½ months) from the date you received your PPP loan funds. If you apply for forgiveness within that timeframe, payments on your PPP loan will remain in deferral until SBA has processed your forgiveness request. If you do not apply for forgiveness within that timeframe, you must begin making payments on your loan. Self-Help will email your access link to apply for forgiveness well in advance of that timeframe.
How do I apply for forgiveness?
- If you received a PPP loan from Self-Help, our team will email you instructions on how to access your loan and apply for forgiveness through our online portal.
- If you did not receive your PPP loan from Self-Help, then you must contact your PPP lender. You must apply for forgiveness through your PPP lender.
What if I am having technical issues with the online forgiveness portal?
- For best results completing your forgiveness application in our online portal, use Google Chrome as your browser (some users have reported issues when using other browsers).
- Refer to the Step-by-Step Forgiveness Instructions in the Tools & Resources section on this page for other troubleshooting tips.
What if I still have questions?
PPP forgiveness is complicated! Find detailed answers to common questions in the Tools & Resources section on this page.
Additional COVID-19 Resources for Small Businesses & Nonprofits
Self-Help's PPP Lending Impact
To learn more about the impact of Self-Help's PPP lending and the small businesses and nonprofits we were able to serve,visit our website at https://www.self-helpfcu.org/ppp-loans.
Fraud Alert: Due to requirements under the Freedom of Information Act, SBA has made information on all PPP loans publicly available, including borrower name, address, loan amount, loan date and lender. Please exercise caution if you are contacted by any unknown person claiming to represent SBA or Self-Help. Neither SBA nor Self-Help requires you to work with an agent to obtain a PPP loan or to request forgiveness on your PPP loan. To learn more about scam and fraud alerts, or to report fraud to SBA, visit SBA's Scam & Fraud Alerts webpage.