Applications can be submitted as soon as you the borrower have used all of your PPP Loan.
You have 10 months from the end of the Covered Period chosen.
Example: Your PPP Loan is dated 05/01/2020. You chose the 8-week Covered Period. That means your Covered Period will end on 06/25/2020 and you will have until 04/25/2021 to submit your application.
For borrowers with loan amounts less than $150,000 :
There is still legislation working that could significantly reduce the forgiveness application process if passed.
We are not certain on the time frame of this legislation, but with the time period allowed for application submission, you as the borrower do have the option to wait for a decision on the legislation at this time.
After submission, we will have 60 days from the receipt of completed application, including required supporting documents, to review and make a decision on both the approval and the amount of approval.
You will be notified of the decision and submission to the Small Business Association.
The SBA will have 90 days to review the submitted application and provide the forgiveness funds to us.
If you need further assistance with submitting your application, please do not hesitate to reach out to us. Contact your banker, email us at firstname.lastname@example.org or give us a call directly at (405) 286-5700. We are always here to help!