Please remember to provide your business name EXACTLY as it appears on your PPP Loan. The unique link and PIN to access your forgiveness application will be sent to the email you provided on your PPP Loan Application.
You have 10 months after the end of your Covered Period to apply for Forgiveness before you start being billed for monthly payments. For this deadline calculation, the SBA allows the maximum 24-week Covered Period even if you elect to use a shorter Covered Period in your Forgiveness Application.
The beginning of your Covered Period is determined by the SBA and is based on the Loan Disbursement Date and cannot be changed. For Second Draw (PPP2) Forgiveness Applications, you must have already received a Forgiveness Decision from the SBA on your First Draw (PPP1) loan before you can file for Second Draw (PPP2) Forgiveness.
First Bank of the Lake has 60 days to review a completed application. Once the completed application has been reviewed and sent to the SBA, the SBA has 90 days to render their decision.
Your Forgiveness Application is an application submitted to a Federal Agency, much like your tax return submitted to the IRS.