Forgiveness Requirements

Borrower to provide for forgiveness:

  1. Payroll reports for the 8 weeks following the funding of the proceeds
  2. Evidence of payments for rent, business mortgage interest, utilities within the 8 weeks
  3. 75% of fund MUST be used for payroll

Submitting for Forgiveness:

This can be done 7 weeks after loan proceeds have been disbursed, but you need:

  1. Supporting documents of how funds were used:  (payroll reports, canceled  checks, paid utility invoices, etc…)
  2. There is no formal form provided yet for forgiveness portion