Preparing for Forgiveness
We will continue to provide the most recent information around SBA PPP guidelines, including instructions and support materials to help guide you through the forgiveness process. For the most up-to-date information, please visit the SBA Paycheck Protection Program website or the U.S. Treasury Paycheck Protection Program website.
Please note: PPP loan guidelines are set by the SBA – financial institutions (including OnPoint) are unable to make any exceptions to the rules governed by the SBA.
Round 1 SBA PPP Forgiveness
While legislation provided additional funding for new SBA PPP loans, OnPoint continues to proceed with all existing forgiveness applications. Borrowers that already received an SBA PPP loan should have received an email with a link to the forgiveness application.
The forgiveness application process includes adjustments to recent SBA guideline changes, which allow for submitting the 3508s (loan forgiveness application form) in cases where loan amounts are $50,000 or less. Recent guidance from the SBA states it allows up to 10 months from the end of the 24 week forgiveness period before a borrower’s forgiveness application and first interest payment would be due.
Below are frequently asked questions (FAQs) to help our borrowers with the forgiveness process and answer some of the most common questions.
SBA Paycheck Protection Program Overview
SBA Coronavirus Relief Options
CARES Act – Assistance for Small Businesses