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PPP Loan Forgiveness

We understand you may have questions about PPP loan forgiveness and have put together the responses below to help keep you informed.

The Small Business Administration and the Department of Treasury establish the guidelines for PPP loan forgiveness. For the latest information, visit the official websites: SBA and U.S. Treasury

Answers to Questions About PPP Loan Forgiveness

  1. What is loan forgiveness?
    If you qualify for loan forgiveness, a portion or the full amount of your loan will not need to be repaid.

  2. How do I determine if my loan can be forgiven?
    To be eligible for loan forgiveness, you must spend the funds on payroll and other eligible expenses during the Covered Period. The Covered Period is between 8 weeks and 24 weeks after your loan was disbursed.  Learn more about payroll and other eligible expenses.

  3. How do I get my loan forgiven?
    Loan forgiveness is not automatic. You must apply for forgiveness. You will receive an email with information on how to apply.

  4. When do I need to apply for forgiveness? 
    You have 10 months after the end of your Covered Period to apply for forgiveness. This time is referred to as your Deferral Period. You do not need to make payments of principal or interest during your Deferral Period. (See question #2 to understand Covered Period).

  5. What happens if my loan is not forgiven?
    You will be required to repay the amount that is not forgiven.

  6. Is there anything I should do now?
    We suggest you maintain detailed records of how you spend your PPP loan funds. Remember that payroll expenses are an important part of qualifying for loan forgiveness – be sure you document this expense. Also, only certain non-payroll expenses are eligible for loan forgiveness. For more information, visit the link in question #2.

If you applied for your loan with Womply, you may want to visit their website to review answers to other questions about forgiveness.

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Benworth Capital Partners, LLC is a licensed mortgage lender, NMLS #374363 HouseEqual Housing Lender.
Benworth Financial, LLC is a licensed Consumer Finance Company.