How do I apply for SBA Paycheck Protection Program (PPP) loan forgiveness?
Our customer service agents can’t provide loan status through any of our contact channels, including phone and messaging. To check the status of your loan or for additional questions, please go to the Paycheck Protection Program loan site.
How do I apply for PPP loan forgiveness?
If you received your WebBank PPP loan through PayPal, additional information about the loan forgiveness application process and eligibility criteria is available on our PPP Loan Forgiveness website at paypal.com/pppinfo.
What does loan forgiveness mean?
Loan forgiveness means you don’t have to pay back the portion of the loan that is forgiven. PPP loans may be forgiven in full or in part by the SBA. The amount of loan forgiveness will depend primarily on whether your use of the PPP loan funds meets the SBA’s forgiveness requirements. Other SBA requirements also apply. For more information and requirements regarding loan forgiveness, go to paypal.com/pppinfo.
There are several SBA PPP loan forgiveness application forms. How do I determine which loan forgiveness form I should use?
Information about the different PPP loan forgiveness applications and eligibility criteria for their use is available on our PPP Loan Forgiveness website at paypal.com/pppinfo.
You can also access information about loan forgiveness directly from the SBA. We recommend reviewing the SBA Form 3508, 3508EZ, and 3508S and instructions by visiting US Department of Treasury PPP for the most comprehensive information published to date.
Are there documentation requirements ?
Yes. You will be required to provide the supporting documentation reflected in the instructions to the forgiveness application form. Documentation requirements apply no matter which forgiveness application you use. Promptly providing us with all applicable required documentation will help expedite our review of your forgiveness application.
Information about the PPP loan forgiveness applications, eligibility criteria and documentation requirements is available on our PPP Loan Forgiveness website at paypal.com/pppinfo.
When can I apply for PPP loan forgiveness?
You have, in most cases, up to 24 weeks from when your loan was disbursed to spend your loan funds on SBA forgiveness eligible expenses. (If your loan was disbursed before June 5, 2020, you can also choose an 8-week period to spend your PPP loan funds on SBA forgiveness eligible expenses.)
You should carefully evaluate your particular circumstances to determine if utilizing the full available 24-week period would be beneficial to you in maximizing your loan forgiveness. If you choose the 24-week period, you can apply for forgiveness before the end of the 24-week period – if you have used all of the loan proceeds for which you are requesting forgiveness.
If you don’t submit a loan forgiveness application within 10 months after the end of the 24-week period beginning on the date your loan was disbursed, your loan will go into repayment status and monthly loan payments will be required.
Information about the PPP loan forgiveness applications and eligibility criteria is available on our PPP Loan Forgiveness website at paypal.com/pppinfo.
How long will it take to process my loan forgiveness request?
PPP loan providers have up to 60 days from receipt of a complete loan forgiveness application (including all required supporting documentation and a final signed SBA Loan Forgiveness Application) to issue a forgiveness recommendation to the SBA. Once a recommendation has been issued to the SBA, the SBA has up to 90 days to review it and inform the PPP loan provider if it is in agreement with its recommendation. We will keep you informed on the progress of your forgiveness application and will inform you of the outcome of the SBA’s review, once permitted to do so by the SBA.
I applied for PPP loan forgiveness, but have not received a decision on my request?
PPP loan forgiveness application status and updates will be provided via email and through your Loan Forgiveness Specialist. To check on the status of your application or access your Loan Forgiveness Specialist contact information, please log into our PPP Loan Forgiveness Portal.
IMPORTANT NOTE: The SBA continues to produce new and revised guidance on the forgiveness aspects of the Paycheck Protection Program. The information on this web page is provided to assist PPP loan borrowers in generally understanding the process by which their loan may be forgiven, in whole or in part, but should not be relied upon as legal, tax, or financial advice. Please check the SBA website for published guidance and details.
The lender for the Paycheck Protection Program Loan through PayPal is WebBank, Member FDIC.