Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underserved communities. Additionally, a reserve of funds remains for applications previously submitted but not yet reviewed by the SBA. If you have already submitted your loan application, however, this does not guarantee you funding.
If you received your PPP loan in 2021, you may want to wait until you’ve accumulated more eligible expenses during your covered period in order to maximize your forgiveness amount.
Lenders accepting PPP forgiveness applications
Last Updated | May 28, 11:00 AM PST
Note: These lenders are listed as a reference and do not necessarily mean an endorsement by Bench.
If BlueVine is managing your loan forgiveness process, they’ll contact you via email with more information. Once contacted, borrowers will have at least 30 days to apply for loan forgiveness before repayments begin. BlueVine is currently inviting 2020 First Draw borrowers to apply for loan forgiveness. If you’ve submitted your forgiveness application, no repayments are due while the Small Business Administration is reviewing your application.
BlueVine will contact 2021 PPP borrowers closer to the end of their covered period with more information on how to apply for loan forgiveness.
Capital One is currently accepting 3508S, 3508EZ, and 3508 loan forgiveness applications for First Draw PPP loans. Check the PPP Dashboard of your online application portal to access your loan forgiveness application.
Capital One plans to begin accepting 3508S, 3508EZ, and 3508 loan forgiveness applications for Second Draw PPP loans in June 2021.
Chase is currently accepting forgiveness requests for 2020 PPP loans. If you borrowed in 2021, Chase will contact you via email when forgiveness applications are available.
Citi Bank borrowers can contact their bank via email at email@example.com to request forgiveness for PPP loans.
For PPP loans received in 2021:
- Cross River Bank is partnering with Scratch for all loan servicing of your PPP loan. Visit their online partal to set up your account, apply for loan forgiveness, or pay down your loan if you’re unable to receive forgiveness.
For PPP loans received in 2020:
- If you received your PPP loan in 2020 directly through Cross River, ApplePie, or BlueVine, Cross River has partnered with Scratch to provide you with forgiveness information, access to the loan repayment portal, and general support. Visit the Scratch PPP Center for more information.
- If you received your PPP loan in 2020 through Kabbage, contact Kabbage for forgiveness information, access to the repayment portal, or general support. Visit the Kabbage PPP Center for more information.
- If you received your PPP loan in 2020 through Intuit QuickBooks, log in to your Intuit QuickBooks account or contact Intuit QuickBooks support for forgiveness information, access to the repayment portal, or general support. Visit the Intuit QuickBooks PPP Center for more information.
Fountainhead borrowers can log in to their PPP loan forgiveness portal to start their loan forgiveness application.
Funding Circle will send borrowers a personalized email to walk you through the Paycheck Protection Program Forgiveness process when your personalized forgiveness application is available to be completed.
IncredibleBank is accepting loan forgiveness applications via its digital channel. If you would like to apply, provide the email address and cell phone of the person who will be completing the application to your business banker or firstname.lastname@example.org. IncredibleBank will provide you with a unique forgiveness link to a secure portal that walks you through the application.
Itasca Bank has not begun accepting forgiveness applications for PPP loans made in 2021, but they are continuing to process forgiveness applications for the PPP loans issued in 2020.
Borrowers should have already received an email from one of Itasca Bank’s Loan Officers informing you that they are using an online portal to accept forgiveness applications.
Editor's note: As of September 2023 the Itasca Bank link isn't working. You should check with the respective bank whether they're still processing forgiveness applications for PPP loans.
Each borrower will have to go through the forgiveness process through the lender they received their PPP loan from. Refer to your loan agreement for more information on your lender—you can apply for forgiveness from the lender who serviced your loan.
PayPal is now accepting and processing loan forgiveness applications using the new SBA Form 3508S, 3508, and 3508EZ for loans funded in 2020.
They expect to begin accepting loan forgiveness applications for loans funded in 2021 in July.
Radius Bank [now LendingClub]
Borrowers can use Radius Bank’s online application to apply for forgiveness of your Paycheck Protection Program loan with the SBA. Be ready with your Radius Loan Number, completed SBA Form 3508 or 3508EZ or 3508S, payroll documentation for the forgiveness period, and any non-payroll documentation should it apply to your business.
Seattle Bank is currently receiving loan forgiveness applications via its online portal. Be ready with your 7-digit code for forgiveness: it’s in the email confirmation you received when you submitted your PPP loan application to Seattle Bank.
If you received your PPP loan through Square Capital, they’ll send you an email and a Dashboard notification with your forgiveness application. If you’re ready to apply now, you can do so as soon as you receive the link.
Wells Fargo is now starting to accept PPP loan forgiveness applications for loans granted in 2020. If your loan is eligible, the link to the forgiveness application will be available through Wells Fargo Business Online® or the Commercial Electronic Office® (CEO®).
A digital version of the loan forgiveness application is available now for first- and second-draw borrowers receiving a PPP loan from Zions Bank. Borrowers are eligible to apply for forgiveness once all loan proceeds for which you are requesting forgiveness have been used.
What to prepare for your PPP forgiveness application
The documents needed for PPP forgiveness depend on which expenses you covered with your PPP funds.
When you’re ready to apply for PPP loan forgiveness, be sure to have the following information at hand:
- The name of your business, including its legal name, DBA, and tradename (if applicable)
- Business Tax Identification Number (TIN), Social Security number (SSN) or Employer Identification Number (EIN)
- SBA PPP loan number (can be found on your Promissory Note) and your PPP loan amount
Economic Injury and Disaster Loan (EIDL) information
- EIDL application number, if you applied
- EIDL advance amount, if you received one
- Payroll service reports documenting wages paid to employees
- Federal payroll tax filings (IRS Form 941)
- Income, payroll, and unemployment insurance filings from your state
- Receipts for employer contributions to group benefit plans
- Receipts for any retirement plan contributions
Note: Some payroll providers are supplying PPP loan forgiveness reports that can be used on the application. Check with your provider first before manually calculating any payroll cost or headcount numbers.
Proof of expenditure
The SBA will require evidence that funds were spent on payroll, mortgage interest payments, rent payments, and utility payments. These can include:
- Copies of canceled checks
- Bank statements
- Utility bills
- Mortgage statements
- Lease agreements
- List of all employees on payroll during the covered period
Proof of headcount
You must have maintained an average monthly number of full-time equivalent employees over the course of the covered period. You would have had to rehire any employees that were let go due to COVID. You should be able to provide:
- Evidence that employees were kept on payroll or rehired once the loan was received
- A calculation of the average monthly number of full-time equivalent employees for the covered period
Further reading: Documents Needed for PPP Loan Forgiveness
How Bench can help
Bench’s team of bookkeepers can get your books updated—including historical months—to carefully track how you spent the loan. Our team then delivers the statements, records, and details you need to get your PPP loan forgiven. We also provide tax filing services and advisory so you can be sure your forgiven loan is treated correctly and all available deductions are captured as you spend your loan.
If I apply today, when will I get a verdict?
Your lender has up to 60 days to review your loan forgiveness application. You may be fully or partially approved for forgiveness, or denied altogether.
Your lender will then send their decision to the SBA, who have 90 days to evaluate your application. The SBA may contact you directly for further information.
If you don’t agree with your lender’s decision, you can request another review from the SBA. If you don’t agree with the SBA’s decision, you can appeal it.
More COVID-19 resources
- PPP Loan Forgiveness: The Complete Guide
- How PPP Loan Forgiveness Works for the Self-Employed
- Owner Compensation Replacement and Full PPP Forgiveness
- Documents Required to Apply for PPP Forgiveness
- How to Fill Out Your PPP Forgiveness Application Form
- When Can I Submit My PPP Loan Forgiveness Application?