We are actively processing forgiveness for PPP loans funded in 2021. Due to the high volume of loans that require forgiveness processing, we are sending out waves of applications in order of date funded. This applies to both first and second draw loans.
PPP loans have an Initial Covered Period (ICP) of 8-24 weeks, starting from the date your loan was funded. The SBA accepts forgiveness applications for up to 10 months after the end of your ICP. Depending on the duration of your coverage period, you can calculate the range of your loan’s submission deadline per the below:
You do not need to take action to kick off the forgiveness process. We will contact you via email when we’re ready to accept your application. We appreciate your patience!
If your 2021 PPP loan was $150,000 or less, you may qualify for a simplified forgiveness process using PPP Loan Forgiveness Application Form 3508S. We will notify you via email if you qualify and let you know when to expect the form.
If you do not qualify for Form 3508S, you can complete your forgiveness application quickly and securely through our online portal. You can prepare by having relevant loan details and supporting documents ready to upload. We’ll send you an email with instructions once the portal is ready to accept your application.
In the meantime, you can review a list of required supporting documents by clicking below
If you have questions that are not addressed by the resources above, please reach out to our Forgiveness team: PPPForgiveness@LibertySBF.com