PPP Forgiveness Program Rules & Guidelines
Self-Employed (Form 1040 Schedules C/E/F)
Download and complete the Forgiveness VerifierTM.
Upload your completed Forgiveness VerifierTM.
You will receive an email from Holmes & Company ([email protected]) that includes a link to upload your completed Forgiveness VerifierTM using the Kiteworks secure file transfer site. You do not need to upload any other documents during this step. If you don’t receive this email, be sure to check your spam folder.
Complete your online SBA Forgiveness application.
Once the Forgiveness VerifierTM has been reviewed by Holmes & Company P.C., you will receive an email invitation from [email protected] to complete the online forgiveness application and upload additional supporting documents that will be submitted to the SBA. If you don’t receive this email, be sure to check your spam folder.
If a borrower received an EIDL advance, SBA is required to reduce the borrower’s loan forgiveness amount by the amount of the EIDL advance. SBA will deduct the amount of the EIDL advance from the forgiveness amount. OnPoint will be able to confirm the amount of the EIDL advance that will be automatically deducted by SBA from the forgiveness payment by reviewing the EIDL advance information provided by the borrower in their PPP application.
If a PPP loan is not forgiven in full (including if there has been a reduction in the forgiveness amount for an EIDL advance), any remaining balance due on the PPP loan must be repaid by the borrower. OnPoint will notify the borrower of the loan forgiveness amount remitted by SBA and the date on which the borrower’s first loan payment is due. The borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). If a borrower is determined to have been ineligible for a PPP loan for any reason, SBA may seek repayment of the outstanding PPP loan balance or pursue other available remedies.
A borrower who received an EIDL advance in excess of the amount of their PPP loan will not receive any forgiveness on the PPP loan, because the amount of an EIDL advance is deducted from the PPP loan forgiveness amount.