Five Things to Know About Paycheck Protection Loan Forgiveness

Wisconsin District Office--November 18, 2020

u s small business administration

Five Things to Know About PPP Forgiveness

paycheck protection program, PPP

As the U.S. Small Business Administration continues working with lenders nationwide on the Paycheck Protection Program and processing PPP loan forgiveness, here are five PPP loan forgiveness tips small business owners should know:

  1. PPP loan forgiveness is applied for through a lender, not the SBA.

  • Borrowers can download PPP loan forgiveness applications from SBA’s website at and then submit it with required information to the lender that provided them with a forgivable PPP loan.
  • Lenders have up to 60 days to review a PPP loan forgiveness application and the SBA has up to 90 days to review the forgiveness application once received from the lender.
  • The SBA remits the amount forgiven to the lender, who must process the forgiveness payment before notifying the PPP borrower of the amount.
  1. Approximately 67% of Wisconsin PPP borrowers are eligible for a simplified PPP loan forgiveness application that can take as little as 15 minutes to complete.

  1. Businesses still need to document PPP loan money was spent on eligible expenses.

  • Since a key part of forgiveness for PPP loans is using the money for eligible expenses, borrowers need to provide documentation, including verification of payroll and non-payroll expenses, with the forgiveness application as required by the CARES Act.
  1. The SBA has already started remittance to lenders.

  • The SBA began approving PPP loan forgiveness applications and remitting forgiveness payments to lenders for PPP borrowers Oct. 2, 2020.
  1. Help is available for the forgiveness process and recovery plans.

  • The SBA has set up a recovery hub at with essential details, resiliency tips and connections to local assistance. SBA’s Resource Partner Network – which includes Wisconsin Small Business Development Centers, SCORE Mentors, Women’s Business Centers and the Veterans Business Outreach Center – also provides one-on-one business advising and technical assistance to small businesses at no- or low-cost.

In the Great Lakes Region, 777,925 forgivable PPP loans valued at more than $88.1 billion were approved. In Wisconsin, 89,615 forgivable PPP loans valued at approximately $9.9 billion were approved. More information about the PPP is available at

Stay Updated

1. Find more information on SBA relief  programs at

2. Follow us on Twitter at @SBA_Wisconsin.

3. If you have questions about your already submitted EIDL application, contact the SBA Disaster Customer Service Center at (800) 659-2955 or

Our Madison and Milwaukee main phone numbers are not currently working--use to contact us.