PPP Loan Forgiveness
Applications for 2020 First Draw PPP loans may be completed and submitted at any time after your PPP funds have been utilized. We will notify you when forgiveness applications for 2021 First Draw and 2021 Second Draw loans will be accepted.
In the same manner that you completed the original application, you will need to go to your LoanStreet portal to complete the forgiveness application and upload the required documentation.
Here is a short video explaining the process.
Below is a summary of how the forgiveness process will work:
- Borrower will input information into your LoanStreet portal and upload documentation. Please note that you do NOT deduct any EIDL Advance (if applicable) from your forgiveness amount. The SBA will automatically deduct it when finalizing your forgiveness amount.
- Heartland will review and follow up if questions remain or information is missing.
- Once everything is complete, Heartland will send an email to the borrower with a link to electronically sign the application.
- Borrower thoroughly reviews the application prior to signing. Any errors need to be corrected before signing. Corrections are NOT able to be made after you sign.
- After the application is signed, it is automatically directed to the SBA for review. Review of the forgiveness application by the SBA can take up to 90 days.
Links for your reference:
- PPP Loan Forgiveness Fact Sheet
- PPP Loan Forgiveness FAQs
- 3508S Application Instructions (Loans $50,000 or less)
- 3508EZ Application Instructions
- 3508 Application Instructions
Small Business Administration (SBA) Website
Back to the PPP Home Page