PPP Forgiveness

PPP Forgiveness

PPP Forgiveness Update for Loans Funded in 2020

 

If you received a PPP Loan in 2020, you were granted a period of 10 months after the last date of your covered period to apply for forgiveness.

If you do not apply on or prior to the end of the 10-month period, your monthly payments will automatically begin, and the responsibility for the repayment of the balance of your PPP loan will revert to you. The monthly payment amount will be based on the outstanding balance of your note, and the number of months remaining until the maturity date of your note.

To take advantage of the debt forgiveness benefit provided by the SBA PPP Loan Program, we encourage you to begin your forgiveness process as soon as possible.

PPP Forgiveness Update for Loans Funded in 2021

 

If you received a PPP Loan in 2021, you may choose a covered period between 8-weeks and 24-weeks. You may apply for loan forgiveness as soon as your covered period has ended, and will have up to 10 months after the last date of your covered period to apply for loan forgiveness.

If you do not apply on or prior to the end of the 10-month period, your monthly payments will automatically begin, and the responsibility for the repayment of the balance of your PPP loan will revert to you. The monthly payment amount will be based on the outstanding balance of your note and the number of months remaining until the maturity date of your note.

To take advantage of the debt forgiveness benefit provided by the SBA PPP Loan Program, we encourage you to begin your forgiveness process as soon as possible.

SBA PPP Resources

  • PPP Webinars: The SBA’s Houston District Office is hosting a series of PPP overview webinars. Additional information including webinar links can be found on the SBA Houston District Office website here.
  • PPP Forgiveness FAQ: Access the latest SBA PPP Forgiveness FAQ document for lenders and borrowers here.
  • Interim Final Rule: Access the Department of the Treasury’s Program Rules here.

 

  • PPP 3508 Application: Access the 3508 Forgiveness Application here.
  • PPP 3508 Instructions: Access the instructions for the 3508 Forgiveness Application here.

 

  • PPP 3508EZ Application: Access the 3508EZ Forgiveness Application here.
  • PPP 3508EZ Instructions: Access the instructions for the 3508EZ Forgiveness Application here.

 

  • PPP 3508S Application: Access the Paycheck Protection Program 3508S Forgiveness Application ($50,000 and less) here.
  • PPP 3508S Instructions: Access the instructions for the Paycheck Protection Program 3508S Forgiveness Application ($50,000 and less) here.

 

Please note: Allegiance Bank has received reports of a non-government website attempting to impersonate the SBA website. Always exercise caution by verifying that you have navigated to the correct website URL (i.e. sba.gov). Additional information can be found on the Department of Homeland Security website here.

PPP Application Resources

  • 3508 Application Guide here.
  • 3508 Required Document Checklist here.
  • 3508 Frequently Asked Questions here.

 

  • 3508EZ Application Guide here.
  • 3508EZ Required Document Checklist here.
  • 3508EZ Frequently Asked Questions here.

 

  • 3508S Application Guide here.
  • 3508S Required Document Checklist here.
  • 3508S Frequently Asked Questions here.