Paycheck Protection Program Loan Forgiveness


Our BBVA Loan Forgiveness Application Portal will soon be available. Be ready, watch the webinar below.

Check back often for portal activation

Download the Paycheck Protection Program webinar PDF

Learn more about loan forgiveness


Changes in forgiveness requirements benefit your business

In June 2020, the Paycheck Protection Program Flexibility Act of 2020 was passed. The revision to the forgiveness of loans will provide businesses with greater flexibility in meeting the PPP loan forgiveness requirements, such as:

  • Extending the loan term to 5 years in certain circumstances.
  • Reducing the amount an eligible recipient must use for eligible payroll expenses to 60%.
  • Extending the time you can use your PPP loan proceeds to 24 weeks.
  • Extending the deferment of the payment of principal, interest and fees until the loan forgiveness amount is remitted to the lender.
  • Expanded safe harbors related to a reduction of employees.
  • Please click here to see additional details related to the  Paycheck Protection Program Flexibility Act of 2020.

Easier loan forgiveness and an easier process

The online BBVA PPP Loan Forgiveness Application Portal will soon be available. 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 and interest 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 and launch our portal shortly thereafter.


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.

PPP Loan Forgiveness
Frequently Asked Questions

When will the forgiveness portal be launched and how will I be notified?

We are awaiting final guidance from the SBA and U.S. Treasury prior to launching the portal. We will notify you via the email address you provided with your PPP loan application as soon as possible once final guidance is in hand and the BBVA Paycheck Protection Program Forgiveness Portal is set to launch. We will also update our BBVA Paycheck Protection Program Loan Forgiveness site when the portal is live.

If I apply for forgiveness, when will my PPP loan be forgiven?

Once you submit your forgiveness request, your lender will have 60 days to issue a decision on your forgiveness application to the SBA. The SBA will then have 90 days to evaluate eligibility for loan forgiveness in accordance with PPP regulations and guidance issued by the  SBA through the date of application. The SBA may direct a lender to disapprove your forgiveness application if the SBA determines you were ineligible for the PPP loan.

I was told I need to use the funds by a certain date. Is this true?

Yes. Either within the 8-week covered period or the 24-week alternative covered period from the loan disbursement date.

Is there action I need to take to opt in to the 8-week covered period or the 24-week alternative covered period?

No specific action is needed to opt in to the chosen period. The Covered Period begins on the origination date of the covered loan, which is also the date the lender makes the first disbursement of the covered loan to the borrower. The Covered Period ends either 24 weeks after the initial loan disbursement date or December 31, 2020 — whichever comes first. Any borrower whose initial loan disbursement date was before June 5, 2020, can elect to use their original 8-week (56-day) Covered Period as an alternative to the 24-week extended Covered  Period. Each business should select which period is appropriate for their business, and base their calculations on the period chosen.

An employee quit during the covered period. How do I account for that?

Please refer to the SBA’s 6 FTE Reduction Exceptions which include instances in which Employees voluntarily resigned. FTE reductions due to one of those 6 Exceptions will not reduce borrower’s loan forgiveness eligibility.

I have been unable to reopen my business. Is the loan dependent on reopening?

Please refer to SBA’s FTE Reduction Safe Harbor 1, which addresses businesses unable to operate during the Covered Period at the same level as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020, by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19.

Where do I find a copy of the SBA 3508 Form?

An electronic version of SBA Form 3508 will be available within the BBVA Paycheck Protection Program Forgiveness Portal, and will be pre-filled as much as possible. Please do not complete a hard copy version of the form.

We have started the Forgiveness Application, but I need additional guidance and forms to complete the process.

Please do not complete the forgiveness application until the BBVA Paycheck Protection Program Forgiveness Portal is available. The forgiveness portal will help to simplify the forgiveness process. All forms and calculations, as well as a place for asking questions via secure messaging will be available within the portal.

What type of documentation will I need?

Payroll reports, tax forms, payment receipts, cancelled checks, and account statements are examples of the documentation that will be required.

What will be the best format for uploading this documentation?

PDF documents.

I understand there is a simplified forgiveness process for smaller loans. Is that true?

As of now, no. However, legislation has been introduced that may simplify the forgiveness process for loans up to $150,000. While we cannot speculate on if or when that may happen, if it is passed, we will update our portal and communicate the new process as soon as possible thereafter.

When is the deadline to apply for forgiveness and how long will it take to receive forgiveness?

A borrower may submit a loan forgiveness application any time on or before the maturity date of the loan — including before the end of the Covered Period , if the borrower has used all of the loan proceeds for which they are requesting forgiveness. If the borrower does not apply for loan forgiveness within 10 months after the last day of the Covered Period, or if the SBA determines that the loan is not eligible for forgiveness (in whole or in part), the PPP loan is no longer deferred and the borrower must begin paying principal and interest. If this occurs, the lender must notify the borrower of the date the first payment is due. Once the application is submitted for forgiveness, the lender has 60 days to review the application and documentation submitted by the customer, and the SBA has another 90 days to review the lender’s decision.

Will the loan term be adjusted for loans submitted after the CARES Act?

All PPP loans booked June 5th and later have a 5-year term. Loans booked prior to June 5th have a 2-year term, unless the customer and lender agree to adjust the term to five years.


Together, we will get through this challenge. 

BBVA will continue to monitor conditions and look for ways to improve our service while protecting customers and team members alike. Please stay safe. 

Please remember that BBVA will never call, email, or text you and ask for your PIN or private financial information. For security tips and helpful links, please visit our Security Center.