Paycheck Protection Program (PPP) Loan applications are no longer being accepted.
PPP Forgiveness Information and Applications
SBA PPP Direct Forgiveness Portal
The US Small Business Administration has made available an online portal to streamline forgiveness processing for PPP Borrowers. The Direct Forgiveness Portal allows PPP borrowers whose loans are $150,000 or less to
apply for forgiveness directly to the SBA by submitting a simple pre-filled application. After registration, you may use this streamlined process to automatically submit your forgiveness request to Evolve.
Click here to access the portal. Use MS Edge or Google Chrome browsers for an optimal experience.
The SBA also offers live customer service to borrowers at 877.552.2692.
Forgiveness Requirements, Terms and Applications
Funds are provided in the form of loans that can be fully forgiven when employee and compensation levels are maintained and when loan proceeds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).
- PPP Loan Forgiveness Requirements
- PPP Loan Forgiveness Applications
- PPP Loan Forgiveness Application Form 3508S for Loans of $150,000 or less (all entities)
- PPP Loan Forgiveness Application for Sole Proprietors and 1099 Workers
First Draw Forgiveness Terms
First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained
- The loan proceeds are spent on payroll costs and other eligible expenses; and
- At least 60% of the proceeds are spent on payroll costs
Second Draw Forgiveness Terms
Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
- The loan proceeds are spent on payroll costs and other eligible expenses