A PPP loan may be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, utilities, covered operations expenditures, covered property damage costs, covered supplier costs, and/or covered worker protection expenditures. NOTE: At least 60% of the forgiven amount must have been used for payroll.
If you received a PPP loan for $150,000 or less, you can apply for Forgiveness directly with the SBA. According to SBA data, most applicants complete the process in under 6 minutes.
Visit https://directforgiveness.sba.gov/ to access a current guide and the Direct Forgiveness process.
The SBA offers live customer service to borrowers at 877-552-2692.
If you received a PPP loan from Freedom Bank that is over $150,000 or you do not with to apply directly with the SBA, please follow the steps below to apply for Forgiveness.
For a complete description of program details, please see the SBA Interim Final Rule for the Paycheck Protection Program (PPP) as Amended by the Economic Aid Act.