The Paycheck Protection Program (PPP) aids small business groups in repaying their loans as per the US Small Business Administration (SBA). It is an essential step and many businesses need that help. The PPP term is usually for a 2 or 5-year span and will have a mention in the promissory note. To convert your two-year PPP loan period to 5-years, you must call them at (844) 304-8911. Once you will submit the online PPP loan forgiveness wells fargo application for SBA review, you cannot add or remove anything from your application.
Is the PPP loans still active?
The PPP loans ended on 31st May 2021. While many businesses credit the PPP loan for keeping their businesses alive, some others are still to be paid in full. There was slow loan forgiveness and that led to a whopping $28 billion debt. Almost $800 is given out to businesses from across 50 states and territories through three rounds of funds.
Primarily used for saving millions of US jobs, PPP protected paycheck payments during COVID-19 crunch situations.
Alternatively people can now apply to the Forgiveness Center for their loan forgiveness application.
|Payroll costs like wages, covered leaves, insurance, and healthcare benefits among many|
|Payable rent & utility|
|Interest towards mortgage|
How to apply for PPP Loan Application [Paycheck Protection Program]
Follow the below 4 steps to apply for the Wells Fargo Loan Forgiveness application.
Step-1: Preparations needed for the Wells Fargo PPP loan online application include;
- – Spending at least 60% of the loan either within the first 8 weeks or the first 24 weeks.
- – Using the remaining amount towards other necessary businesses.
- – Discussing forgiveness with your financial or tax advisor.
- – Collating all supporting documents if you plan to apply for loan forgiveness.
Step- 2: Online application process.
- – You can use your PPP funds for the funding of the business for which you took the loan. Usually, loaners have almost 8 or 24 weeks to spend the money.
- – A notification is sent to you intimating you about your loan forgiveness by the end of the loan deferral period. If not, then you might have to start making the payments.
- – If you have already paid back the loan, you can still apply for forgiveness.
- – Use either Form 3508S (loan is $150,000 or less), 3508EZ (ineligible fro 3508S but meet two different eligibility criteria), or Form 3508 (ineligible for either of the forms) according to your requirement.
Step- 3: Prepare for the online application process
- – Check with the loan forgiveness preparation checklist, to understand if you can apply for loan forgiveness and under what section.
- – Save your online application frequently, so that you have not lost any information.
- – Review the application and then submit it.
Step 4: Receive confirmation for the online application
- – Wells Fargo will take 60 days to review your application.
- – After the reviewing by Wells Fargo is complete, you will receive a notification of completion.
- – It would then go to SBA, and they would take somewhere 90 days to review the application process.
- – Wells Fargo will come back to you within 5 days. They will do so from the time SBA sends you a notification telling you more about the sanctioning of your loan forgiveness.
- – Appeal back to SBA within 30 days if they don’t forgive your loan.
Who is Eligible for Loan Forgiveness?
PPP loans used for covering individual business expenses are eligible for forgiveness. However, if SBP does not forgive a certain part of the loan, you would have to repay the unforgiven amount and also any accrued interests for that period. Ten months from the last day of the covered period, the deferral period comes to an end.
If you want to apply for ppp loan forgiveness, you have taken it through Wells Fargo, you would have to submit the online application provided by it. You can download the application from the Wells Fargo Business Online or the Commercial Electronic Office.
Additionally, not once but you can also apply twice for PPP forgiveness known as Wells Fargo PPP loan round 2.
Wells Fargo has a separate loan forgiveness form. If Wells Fargo is your lender make sure, you fill the online application, instead of the SBA application from the SBA site.
How to check Wells Fargo PPP loan status?
It can either be fully or partially forgiven and it may also be that it is not at all forgiven by SBA. Under these circumstances, loan status would be communicated by SBA to Wells Fargo and Wells Fargo to you in 5 days.
If you want to request a re-review, you can file a re-request again within 30 days.
How do I apply for PPP at Wells Fargo?
To apply for PPP at Wells Fargo, you must fill out the request form with them. In case, you have taken the loans with Wells Fargo, the loan numbers would be filled in automatically within the application.
Review the supporting documents and use whichever is eligible.
For payrolls, owner compensations and non-payrolls have separate documentation needs.
Is Wells Fargo accepting PPP applications?
If you want to know ‘is Wells Fargo taking PPP applications?’ The answer is yes, Wells Fargo is accepting PPP applications for those accounts which have been opened before 12-01-2020.
If you want to fill up their PPP loan forgiveness application, read about this article from this post. Try to find out their online application process from here along with some miscellaneous information about PPP applications.