Important Tips & Info. Sign up now and be the first to apply. When completing the application, we strongly encourage you to consult with your legal counsel and/or CPA or accountant. We have updated our PPP loan forgiveness application portal to reflect SBA guidance and have resumed sending invitations to apply for PPP loan forgiveness to borrowers with loans funded in 2020. This info should be helpful to anyone who received a PPP Loan. Once you apply for loan forgiveness, allow 60 days for your bank to review and an additional 90 days for approval from the Small Business Administration. How sole proprietor PPP loans are calculated. PPP loan payments deferred: Rather than a 6-month deferment, loan payments are deferred until the date that the SBA remits the borrower’s loan forgiveness amount to the lender. Previously, sole proprietors were able to apply for a PPP loan using their 2019 or 2020 net income as reported on a Schedule C.But changes were made on March 3, 2021 that affected the PPP loan calculation process. Nothing on our website should be interpreted to mean that Womply can or will (i) determine your eligibility or ineligibility for PPP, (ii) apply for a PPP loan on your behalf, (iii) check the accuracy, completeness, or lawfulness of your PPP loan application, (iv) help you skip legally required steps, (v) accelerate your application with the SBA, or (vi) increase your chances of receiving funding. Additional funding for businesses that returned their first PPP loan or did not get the full amount for which they qualified. We expect to start inviting 2021 PPP borrowers in late spring. Frequently Asked Questions About PPP Loan Repayment. Borrowers can apply for loan forgiveness any time on or before the maturity date of the PPP loan. If your business or sole proprietorship received a PPP loan before June 5, 2020, you’ll most likely need to repay any unforgiven amounts within about two years. New, Easier PPP Forgiveness Coming Your Way. If you want to figure out your own covered period and repayment dates, a days between dates calculator is a good place to start.. The Bottom Line on Applying for PPP When Self-Employed. Great news, on Friday Titan became one of the first banks in the United States to submit PPP second draw loans to the SBA. I have searched SBA website and Square site and there is no info on how to "apply for forgiveness, as forgiveness is not automatic." If you have a first draw PPP loan with an institution other than Bank of the West, you can apply for a second draw PPP loan with Bank of the West, if … All PPP loan forgiveness applicants—excluding applicants using the 3508S form—will need to prove how they spent their funds. How to Apply for PPP Loan Forgiveness. Titan has a head start on almost all other US banks. Last updated: March 15th, 2021 . PPP Forgiveness FAQS From Our Friends At TD Bank. The covered period, aka the date range for the 24 weeks eligible for loan forgiveness starting when you received your PPP loan disbursement or the 24-week range starting on your first pay period following disbursement if you’re using the “alternative payroll covered period,” which the SBA defines as the 168-day period beginning the first day of the next payroll period after disbursement (Note: You’ll apply for forgiveness through your bank at the end of the 8-week period we discuss below. Since then, the company has invested in its PPP technology and built a secure, customized portal to process loan forgiveness for those customers. For many self-employed individuals, PPP loan forgiveness will be based largely or entirely on owner’s compensation replacement. 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