Program Details
- PPP loans provide funds to help small businesses and nonprofits cover their payroll and certain other expenses.
- The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 60% of the forgiven amount must have been used for payroll). See below for additional important information about forgiveness.
- No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. All loan terms will be the same for everyone.
- Loan payments will be deferred until the unforgiven amount (if any) has been determined. Any unforgiven amount will be repaid over 2 to 5 years, at 1% interest.
PPP Loan Forgiveness
We want to help you get as much of your PPP loan forgiven as possible. We will be updating this page with tools, resources, and information to help you navigate this process. We will also email you from the post-closing mailbox with any important updates as they become available.
When can I apply for forgiveness?
Not yet! Based on current SBA guidance, we anticipate the forgiveness process will be finalized by the end of August. Additional changes are being considered by Congress, however, which may affect SBA's timeline. Self-Help is closely monitoring PPP laws and guidance, and we will update you as new information becomes available. When SBA’s forgiveness process is finalized, Self-Help will email our PPP borrowers specific instructions on how to access your forgiveness application online and more specifics about when you will be able to submit your application.
When is the deadline for applying for forgiveness?
You have up to 24 weeks from the date you received your PPP loan to use the funds. Once you have used your PPP funds, you must apply for forgiveness within the next 10 months.
How do I apply for forgiveness?
If you received a PPP loan from Self-Help, you will receive an email from our team with instructions on how to access your loan through our online forgiveness portal. The portal will auto-populate some information from your application and walk you through entering the remaining information. It is not necessary to download an application from the SBA website and fill it out. You will enter this information in our online portal.
If you did not receive your PPP loan from Self-Help, you cannot apply for forgiveness through Self-Help. You will have to contact your PPP lender and follow their instructions to apply for forgiveness.
How can I make sure all of 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 to pay employees and any remaining loan funds are used to pay the following business expenses:
- Interest portion of mortgage payments
- Rent/lease payments
- Utilities
- PPP loan funds are used within the required time period; and
- Staff and wage levels are maintained (subject to exceptions).
For more detailed explanations of the requirements for forgiveness, read our Frequently Asked Questions document in the Tools & Resources box located at the top of this page.
What documents will I need to fill out my application?
- A copy of your signed PPP loan note with your SBA PPP loan number
- Documentation of:
- Documentation of any healthcare or retirement benefits included in your forgiveness request
- Documentation of any state or local taxes assessed on employee compensation included in your forgiveness request
- For any Non-Payroll Costs included in your forgiveness request (such as interest payments on mortgages, rent or lease payments, and utilities payments), documentation showing the obligations existed on or before February 15, 2020 and documentation of the amounts paid, which may include invoices, billing statements, bank statements, cancelled checks, etc.
- Documentation supporting your calculation of average total full-time equivalent (FTE) employees for:
- your pre-COVID comparison period AND
- your covered period
- Documentation supporting any FTE Reduction Exceptions, including, in the case of inability to return to pre-COVID levels of business activity due to COVID-related restrictions, copies of:
-
any COVID-related restrictions or guidance for your business location AND
- business financial statements
- For loans over $2 million, we recommend you also keep documentation supporting your certification that economic uncertainty at the time of your PPP loan application made the request necessary to support ongoing operations.
What if I still have questions?
- Check out our FAQ: The PPP process is complicated! Find more detailed answers to common questions in our Frequently Asked Questions document.
Additional Opportunity: Apply with the SBA for an Emergency Disaster Loan
All businesses and nonprofits should apply as soon as possible for an SBA Economic Injury Disaster Loan. This loan can provide economic relief to businesses that are currently experiencing COVID-19-related difficulties. You can apply directly with the SBA here.
Please note:
- The Economic Injury Disaster Loan (EIDL) is a separate program from the PPP.
- Businesses and nonprofits can apply for both the EIDL and the PPP, but cannot use the funds from both programs for the same expenses.
- Self-Help is not involved in this program: it is a loan directly from the SBA.
We encourage all businesses and nonprofits that are experiencing loss of revenue from COVID-19 to apply for the EIDL directly with the SBA.