We are currently accepting SBA PPP Loan Forgiveness applications for PPP loans $150,000 or less that were funded in 2020 and 2021. To help streamline and expedite the forgiveness application process, HVCU has opted in to the SBA’s new Direct Forgiveness Portal. The SBA’s Direct Forgiveness portal allows PPP borrowers whose loans are $150,000 or less to apply for forgiveness with a simple, pre-filled application that is filed directly with the SBA.
2020 PPP Borrowers
- If you received a PPP loan of $150,000 or less in 2020, and have not yet applied for PPP loan forgiveness, we strongly suggest accessing the SBA Direct Forgiveness portal as soon as possible to avoid having to begin making payments on your loan. If you have not yet received an email with an invitation to apply that contains your SBA loan number, please contact us at HVCUSBAForgiveness@hvcu.org.
2021 PPP Borrowers
- If you received a PPP loan of $150,000 or less in 2021, expect an email from HVCU containing your SBA loan number and directions for the SBA Direct Forgiveness portal; If you have your SBA loan number available and ready, you may access the SBA Direct Forgiveness portal at any time to apply.
- If you received a PPP loan of over $150,000 in 2021, please refer back to HVCU’s website for updates. HVCU is not currently accepting forgiveness applications for 2021 PPP loans over $150,000 but we anticipate doing so in September.
Applications must be submitted either through HVCU’s online SBA PPP Loan Forgiveness portal or the SBA Direct Forgiveness Portal. We are not accepting paper applications.
Learn more about forgiveness at SBA.gov
How and When to Apply for Loan Forgiveness
A Paycheck Protection Program (PPP) borrower can apply for forgiveness once all loan proceeds have been used. PPP borrowers can apply for forgiveness any time up to the maturity date of the loan. If PPP borrowers 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
Forgiveness Forms and Instructions
If you encounter any issues, questions, or concerns, please email us at HVCUSBAForgiveness@hvcu.org.
For PPP related questions or issues with the SBA Direct Forgiveness Platform, the SBA offers live customer support at 877-552-2692