It is now a great time to learn if you qualify for PPP forgiveness.
On May 28th, the SBA closed the Payment Protection Plan (PPP) to new applications due to high volume. The funds for PPP loans were exhausted 3 days earlier than the deadline of May 31st. Therefore, we are no longer accepting PPP applications.
Business owners can begin to apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Business owners can apply for forgiveness any time up to the maturity date of the loan. If you do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
If you obtained a PPP loan in 2020 through Ascendus, you should have received an invitation email with a personalized link to access our SPARK online portal. If you did not receive your email invitation, please email your loan consultant or [email protected].
If you received your loan in 2021 Ascendus will email you an invitation to apply for forgiveness by August. We appreciate your patience.
If you did not receive a PPP loan with Ascendus, make sure to contact your lender that funded your PPP loan to apply for forgiveness.
The Ascendus forgiveness process for uploading documentation and submitting and signing the application is completely online.
All Ascendus borrowers will be invited to begin the process to apply for loan forgiveness through our SPARK online portal. If you have questions about the forgiveness process of your PPP loan, please reach out to your loan consultant or email [email protected].
Get ready to start the forgiveness process by following the steps below:
Eligibility to Apply
- Borrowers who received PPP Funding and who have used up 100% of the funds by covered period (8 weeks from day of funding) can begin the Forgiveness Process. Though many Borrowers will want to begin before their 8 week period is up, Ascendus will prioritize the Borrowers first approved when the program began in February 2021.
- Borrowers shall need to provide all required documentation to the Lender
- Depending on the structure of the business and the loan size, each Borrower will receive a different application
- Documents required change per structure, below are the two most common:
- Payroll Documents – S corporation or C corporation with employees:
- Bank Account Statements
- Payroll Summary Report
- Tax forms (Form 941 or State quarterly unemployment insurance tax filling) that overlap the covered or alternate covered period
- Payment receipts, or payroll checks documenting employer retirement, healthcare contributions
- Payroll Documents – Self-employed, Sole proprietor, partnership without employees:
- Bank Account Statements showing the amount of compensation
- Payment receipts, copies of deposited or cashed checks, and/ or transfer documentation
- Evidence of Business Rent
- Lease
- Checks/ Bank statements
- Evidence of Mortgage interest payments
- Mortgage statement
- Checks / Bank statements
- Evidence of business Utility Payments (phone, transportation, internet, electric, natural gas)
- Copy of Invoices
- Checks / Bank statements
- Proof of Business Revenue Reduction – This may change or added by the SBA
- Tax Returns/Schedule C for Sole Proprietors 2019 and 2020 – Most common for Sole Proprietors
- Profit & Loss for any given period for 2020 to be compared with the same period in 2019 – If not certified by CPA to be signed by Borrower
- Bank Statements for the same period in 2020 to be compared with 2019
- More TBD by the SBA
If you are a business owner who received a PPP loan from another lender, learn more about forgiveness from the SBA, https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness.
