PPP Loan forgiveness application step by step walk-through on how to fill out the application.
These are the steps specially to request for forgiveness through the SBA Forgiveness Portal. The 3 things that you need if your loan is under 150k is your social security #, EIN, or ITIN, the exact amount awarded or the amount funded for your PPP, and go to directforgiveness.sba.gov.
The big factor is If your lender choose to opt-in with the SBA you don’t need any documentation otherwise you have to apply for forgiveness through your lender or financial institution. The information is located on the documents you signed to receive your loan or DocuSign paperwork that’s attached to your email.
This only will talk 3 minutes to 5 minutes max of your time if you follow my guide. Step one is to go directforgiveness.sba.gov to create and username and password. You will then have to verify your email address afterwards you will also have to verify through text or SMS messages. Once verified you will login and find your application with your social security #, EIN, or ITIN and the loan amount.
Once located if will have majority of the application filled already. You will have to put in your name, phone number, your position of the entity or business, and cover period of your loan. If you receive your PPP funding in 2021 it would be between 8 and 24 weeks or 24 weeks. They will ask how much your spend on payroll if your a sole proprietor, individual, or single member LLC enter the full and amount. The next question will be the amount your want forgiveness for also enter the full amount of your loan. The last section is optional so no need to fill it out scroll to the bottom and click next.
Next, a screen will appear saying you don’t need any further documents, select next to proceed. Afterwards the next screen will allow you to submit for your application for forgiveness. The DocuSign will load make sure your check the box in the left corner. Sign the documents and click finish. You will then go back to the portal appearing will be a summary of your direct forgiveness application.
Coaching Tips:
1. Make sure you keep a note or write down your login information.
2. Print the Forgiveness Summary which is the last screen after you click Finish after signing your documents in DocuSign.
3. Keep this information in a file and handy
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