PPP Loan Forgiveness
On January 19, 2021, the Small Business Administration (SBA) released new guidance and forms for the Paycheck Protection Program (PPP) loan forgiveness process. Among the changes are new forgiveness application forms.
If you haven’t yet applied for loan forgiveness, you may want to consider waiting until we clarify the most recent guidance and update our process and forms accordingly. If you have applied and did not receive a decision, we will continue to process your application and contact you by email if additional information is required.
This page will be updated and current PPP loan customers who have not yet applied for forgiveness will receive an email when we have made the necessary changes.
We are committed to helping our small business customers during the pandemic. Use these tools and helpful resources to help you prepare for loan forgiveness.
Applying for Loan Forgiveness
- An email will be sent to initiate the PPP forgiveness process. This will be the only way to apply for loan forgiveness.
- The application will be prefilled with:
- SBA Loan Number
- Disbursement Date
- Amount
- Lender PPP Loan Number
Instructions and Documentation to help you prepare:
- What to Expect (PDF) - sample of your invitation to apply
- EZ Application (PDF) - sample of the application process
- Standard Application (PDF) - sample of the application process
- Supporting Documentation (PDF) - checklist of documentation, by business type, that will be required
- SBA Issued PPP Forgiveness FAQs
Loan Forgiveness Process
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What it is
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Formal submission of the loan forgiveness application. | Formal review by Fulton Bank of the loan forgiveness application and required supporting documents. | SBA will, subject to any SBA review of the loan or loan application, remit the appropriate forgiveness amount to the Lender. |
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Timeframe
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Borrower has up to 10 months from the end of your covered period (typically 8 weeks or 24 weeks from funding) to apply for forgiveness; however, we encourage you to complete your application within 60 days from the date you receive our invitation to apply. | Fulton Bank has up to 60 days to review the application and issue a loan forgiveness decision to the SBA. | SBA has up to 90 days from the receipt of Fulton Bank’s loan forgiveness decision to remit the requested forgiveness amount to Fulton Bank. |
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What you do
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Complete the appropriate loan forgiveness application. | Nothing unless Fulton Bank requires additional information or identifies incomplete information on your application. | Nothing unless you disagree with Fulton Bank’s loan forgiveness decision in which case you have 30 days to submit a request to the SBA to review Fulton Bank’s decision. An escalation process is still being finalized by the SBA for these cases. |
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What we do
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Fulton Bank will send a "loan forgiveness application" invitation email to PPP borrowers to initiate the forgiveness process. Upon receipt of your completed application, Fulton Bank will email confirmation of receiving your application. | Review application and supporting documents for completeness. Issue a loan forgiveness decision based on the calculations of payroll and non-payroll when entered in to the application. Fulton Bank notifies you of this decision. | Nothing unless the SBA requires additional information or supporting documents for a particular loan. Fulton Bank notifies you of the forgiveness amount paid by the SBA to Fulton Bank. |
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What the SBA does
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Nothing in this phase. | Nothing in this phase. | Remits requested loan forgiveness amount to Fulton Bank. Reserves right to randomly review any PPP loan in detail. |
Questions about Forgiveness?
Contact us for questions about the process, documentation or your application. Your inquiry will be assigned to a PPP Specialist and he or she will respond as soon as possible.