All recipients of SBA PPP funding will be required to submit an application seeking loan forgiveness. If you received your PPP funding through Enterprise, we will process your forgiveness application. You may review the Loan Forgiveness Application here, and you may review the Interim Final Rule on forgiveness issued on May 22, 2020 here.
Please do not submit the Loan Forgiveness Application at this time. We will have a formal and electronic process in place at a later date. We expect more information from the SBA in the coming weeks. You will receive an email from us with a link to your Loan Forgiveness Application when the SBA allows us to begin accepting applications for forgiveness.
As we wait for further guidance, you should gather the following documents verifying eligible expenses, including the number of full-time equivalent employees on your payroll and their pay rates for the time frame used to verify you met the staffing and pay requirements:
- Payroll reports from your payroll provider;
- Payroll tax filings (Form 941);
- Income, payroll, and unemployment insurance filings from your state;
- Documents verifying any retirement and health insurance contributions; and
- Documents verifying your eligible interest, rent, and utility payments (canceled checks, payment receipts, account statements).
The Interim Final Rule provides guidance and flexibility on calculating your eight-week covered period. Borrowers may seek forgiveness for payroll costs for the eight weeks beginning on either:
- The date of disbursement of your PPP loan proceeds; or
- The first day of the first payroll cycle after disbursement of your PPP loan proceeds (the “alternative payroll covered period”).
Once the SBA allows us to begin accepting Loan Forgiveness Applications, we will process them and submit a recommendation within 60 days of receipt of the application. We will notify you of our recommendation to the SBA. The SBA then has 90 days to process your application and determine your forgiveness eligibility. The SBA has the right to review any loan at any time. We will notify you within 5 days if the SBA reviews your loan and requests additional information. Otherwise, we will notify you when we receive the SBA’s final determination of forgiveness.
Adjustments to your forgiveness may be necessary if you received an Economic Injury Disaster Loan (EIDL) loan in addition to your PPP loan. We expect additional guidance from the SBA regarding this adjustment.