Paycheck Protection Program Loan Forgiveness
Changes to the PPP Loan Forgiveness process will benefit your business
Congress has passed the Paycheck Protection Program Flexibility Act of 2020. This revision to the forgiveness of loans will provide businesses with greater flexibility in meeting the PPP loan forgiveness requirements.
Extending the loan term to 5 years for all new PPP loans made on and after June 5, 2020. Existing loans can retain their 2-year term.
Reducing the amount an eligible recipient must use for eligible payroll expenses from 75% to 60%. Eligible loan recipients must use at least 60% of the eligible loan amount for eligible payroll expense and up to 40% for eligible non-payroll expenses (such as covered mortgage obligations, covered rent obligations, and covered utility payments) to receive complete loan forgiveness.
Extending the time you can use your PPP loan proceeds for eligible expenses from 8 weeks to 24 weeks. Borrowers that received a PPP loan before June 5, 2020 may elect to keep their original 8 week covered period or may elect the new 24 week covered period.
Extending the deferment of the payment of principal, interest and fees until the loan forgiveness amount is remitted to the lender. However, an eligible recipient must apply for forgiveness within 10 months after the last day of the covered period, otherwise the eligible recipient must begin making payments of principal, interest, and fees.
Expanded exemptions related to a reduction of employees. The forgiveness amount will not be affected by a reduction in full-time equivalent employees if you document an inability to rehire individuals, to hire similarly qualified employees, or a return to the same level of business activity as it was operating at before February 15, 2020.
BBVA PPP loan forgiveness application portal is coming soon.
Check back frequently for the activation of the BBVA PPP Loan Forgiveness Application Portal.
Easier loan forgiveness and an easier process
The online BBVA PPP Loan Forgiveness Application Portal will soon be completed. This intuitive and easy-to-use access point will capture all of your application details and supporting documentation needed for SBA loan forgiveness. The portal will include:
- A Borrower Knowledge Center with access to education materials, FAQs, and search features.
- A central place to submit all required information, enter eligible payroll and non-payroll costs, and upload all required supporting forgiveness documentation.
- Secure messaging with experts regarding your questions and concerns.
- Your forgiveness dashboard for submission details and current status.
- Access to forgiveness calculations and process milestones.
- Electronic signing of your forgiveness application.
Eligible recipients of PPP loan forgiveness will receive complete payment deferment including the payment of principal, interest and fees for the time period prescribed in the Paycheck Protection Program Flexibility Act of 2020. As additional guidance from the SBA becomes available, we will provide that information.
At this time, please do not mail or submit your PPP Loan Forgiveness Application (SBA Form 3508). You will need to submit all your documents and information into the new BBVA PPP loan forgiveness application portal. This will help you expedite the entire PPP loan forgiveness application process
Be among the first to use our BBVA PPP loan forgiveness application portal process.
Check back frequently for the activation of the BBVA PPP Loan Forgiveness Application Portal
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