How do I apply for SBA Paycheck Protection Program (PPP) loan forgiveness? — PayPal

Summary

A PayPal help page answers questions about applying for SBA Paycheck Protection Program (PPP) loan forgiveness. It says borrowers with loans of $150,000 or less should use the new, streamlined SBA Form 3508S, and borrowers with loans of more than $150,000 will use either the 3508EZ or 3508 form. It says PayPal is accepting applications for PPP loans disbursed in 2020 and 2021, and that a loan goes into repayment status if no application is submitted within 10 months after the end of the 24-week period. PPP loan providers have up to 60 days to issue a recommendation to the SBA, and the SBA then has up to 90 days to review it. The page says the SBA continues to produce new and revised guidance and the information should not be relied upon as legal, tax, or financial advice.

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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 .

For more information and
 requirements regarding PPP loan forgiveness, go to our PPP Loan Forgiveness website or visit the SBA PPP loan forgiveness website for all details.

How do I apply for Paycheck
Protection Program (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 . From the site, click Log in to Get Started to begin your application. If you didn’t receive your PPP
loan through PayPal, please contact your loan provider for information and
instructions on how to apply for loan forgiveness.

What does loan forgiveness
mean?

Loan forgiveness means that you
don’t have to pay back the portion of your PPP loan that is forgiven by the
SBA. PPP loans may be forgiven in full or in part by the SBA, based on satisfying
SBA requirements. The amount of loan forgiveness will depend primarily on
whether your use of the PPP loan funds meets the SBA’s loan forgiveness
requirements.

Which loan forgiveness form should I use?

Borrowers with loans of $150,000
or less should use the new, streamlined SBA Form 3508S. Borrowers with loans of
more than $150,000 will use either the 3508EZ or 3508 form.

Do I have to submit
supporting documentation with my loan forgiveness application?

Documentation is required to be submitted to support your application in certain circumstances.

First draw loans of $150,000 or less:

- No supporting documentation is required to be submitted with your loan forgiveness application.

Second draw loans of $150,000 or less:

- No supporting documentation is required to be submitted with your loan forgiveness application.
- Gross receipt reduction documentation will be required to support second draw loan eligibility, if not previously submitted at the time of loan application.

First draw loans of more than $150,000:

- Supporting documentation is required to be provided along with your loan forgiveness application.

Second draw loans of more than $150,000:

- Supporting documentation is required to be provided along with your loan forgiveness application.

When can I apply for PPP loan forgiveness?

PayPal is accepting loan
forgiveness applications for PPP loans disbursed in 2020 and 2021.

In general, you have between 8
and 24 weeks from the date your loan was disbursed to spend your 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 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 (approximately 17 months after
your loan funds were disbursed), your loan will go into repayment status and
monthly loan payments will be required. We’ll send you an email with payment
details prior to any payments being due.

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, as
applicable, receipt of all required supporting documentation) and a final
signed SBA Loan Forgiveness Application form 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’s
in agreement with its recommendation. We’ll 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.

To get started, simply log into
our online portal and we’ll guide you
through the process. Once you’ve provided the requested information and
documentation (if necessary), we’ll prepare your SBA Loan Forgiveness
Application form for your review and electronic signature. We’ll contact you if
we need to clarify the information you’ve provided. You can also log in to the online portal to check on the status of
your application or access your Loan Forgiveness Specialist contact
information.

I applied for PPP loan
forgiveness, but haven't received a decision on my request.

You should receive PPP loan forgiveness application
 status and updates 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 .

I’ve already applied for PPP
loan forgiveness, but my application was declined by the SBA, or the SBA
determined that I didn’t qualify for loan forgiveness in the full amount of my
PPP loan. Can I reapply for forgiveness using the new one-page, SBA Form 3508S
that doesn’t require documentation? Can I reapply and include the new
categories of forgiveness eligible expenses?

No. Based on SBA guidance, once
the SBA has issued a decision on your loan forgiveness application, you can't
reapply using the new form.

IMPORTANT NOTE:

The SBA continues to produce new and revised guidance on the forgiveness aspects of the Paycheck Protection Program. The information on this webpage 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.

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