What changes can you expect to the forgiveness process?
- The application process will be simplified for loans under $150,000, including a new simplified application form and reduced documentation requirements.
- The categories of expenses eligible for forgiveness are being broadened to include some previously ineligible expenses.
- Full forgiveness will be easier for many to attain since EIDL grant amounts will no longer be subtracted from the forgivable amount of the loan.
- Don’t worry if you have already received forgiveness. The SBA will be making up any amount withheld from forgiveness to repay an EIDL grant over the coming weeks. We will let you know when we have those funds from the SBA.
If your circumstances require you to apply for forgiveness immediately, please visit the Prepare to Apply page. Otherwise, once we receive the new guidance from SBA and modify our process we will begin sending out invitations to apply for forgiveness.
*As of 1/13/21, details are subject to change based on additional guidance from the SBA.