PPP Forgiveness Guide and Application
Updated at 9:30am CST on Wednesday, January 27, 2021
*The following information is subject to change at any time based on direction from U.S. Treasury and Small Business Administration.
The information provided in the links below is from the U.S. Treasury and Small Business Administration regarding loan forgiveness. The information in these documents below is provided as a guide for you based on the information we have to date.
Completing the Paycheck Protection Program Loan Forgiveness Application
On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 was passed. This amendment revised several of the previous restrictions related to the PPP including an extension of the expenditure time period, extended rehire date, and reducing the mandatory payroll expense percentage.
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
Below are links to the three (3) PPP Forgiveness applications. The applications are fillable forms that may require documentation to be attached, and will be collected via DocuSign:
The application forms and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the CARES Act. We recommend you talk with your accountant or legal advisor for PPP Forgiveness. West Gate Bank has 60 days to make a decision and submit the decision to the SBA regarding forgiveness of the PPP loan once the forgiveness application is received. The SBA has the authority to review all PPP loans no matter the size of the loan amount.