Loan Forgiveness Update


If you are a borrower who received an SBA Paycheck Protection Program (PPP) loan, you are aware that your business may qualify for forgiveness up to the full principal amount of your loan.  As of August 10, 2020, the SBA is accepting loan forgiveness applications.

Following is important information about the application process. A link to WGSB's borrower portal is also below. 


When Do I Apply?

You have until 10 months from the end of your covered period (the 8-week or 24-week period from the date of loan disbursement) to apply for loan forgiveness, but you can also apply before the end of the covered period if you have used all of the loan proceeds for which you are requesting forgiveness. 

However, there are a few considerations to keep in mind as you decide when to submit your application: 

  • The Federal Government is currently negotiating an additional stimulus bill, which includes proposed changes to the PPP forgiveness process. If approved, this could include a one-page attestation form for borrowers with loan amounts under $150,000, which would simply require you to attest to a good faith effort to comply with the requirements of the program. While supporting documentation would still need to be maintained, it would not need to be submitted with the application. The bill also includes a proposal that would provide considerable relief in the forgiveness process for borrowers with loan amounts between $150,000 and $2,000,000. There are no guarantees that either proposal will be included in the final bill; however, if approved, the process would be tangibly simpler than the current requirements.
  • While the PPP program initially required an eight-week covered period, legislation was subsequently passed that (a) increases the covered period to 24 weeks for borrowers who applied after June 5 and (b) allows borrowers who applied before June 5 to choose between the two covered periods. The 24-week covered period may provide borrowers with a higher level of forgiveness and may allow them to qualify based solely on payroll expense, which is often easier to document than non-payroll expense (based on the current guidelines). In most cases, the timing of applying for forgiveness will depend on the date of your loan documents and the length of your covered period, but borrowers that select a 24-week covered period will need to wait at least until tax forms for the quarter ending on September 30, 2020 are prepared and can be included with the application.


How Do I Apply?

For your convenience, WGSB has invested in an online borrower portal to help facilitate your application for PPP loan forgiveness. This web-based application is user-friendly, will simplify how you navigate the process, and will include much of your specific loan information pre-filled.  It will also allow for easy upload of your required documentation.  


WGSB's Borrower Portal

Access the portal and complete your application here. 


Login Credentials - To login, you will need your Tax Identification Number (TIN) or Social Security Number (SSN) – whichever you use to file your taxes – and your business name, exactly as it is shown in the email you received from on Monday, August 10. If you need assistance with your login credentials, please contact your lender.

One-Time PIN (OTP) – For security reasons, a one-time PIN will be emailed to you each time you login. Enter the PIN as instructed to access the borrower portal. 

Once you have accessed the portal, follow the instructions to complete your application. We highly recommend clicking the “Save” button often as you work your way through the process. We understand that you may not be able to complete all the requirements in one sitting and we do not want you to waste any of your valuable time by losing previously entered information. 

The portal also includes a Knowledge Resource Center that you should find very helpful in answering most questions on loan forgiveness. This resource was created and is maintained by the national accounting firm Ernst & Young and will be updated regularly as future changes occur.


How Does the Process Work?

Once you have reviewed the instructions and collected all your documentation, use the borrower portal to submit your application. After submission, WGSB will review your application and follow-up with you as needed to ensure it is complete.  Once confirmed, your application will be submitted to the SBA for final approval. Note that the SBA has up to 90 days to make a decision. 


Still have questions?

Contact your lender.  He or she will be happy to assist you. 

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