Guide to PPP Loan Forgiveness

The Larimer County Small Business Development Center and Loveland Business Development Center has provided businesses with an informational document about the PPP loan forgiveness process.

It includes forgiveness terms, how and when to apply for forgiveness and links to forms and instructions.

Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.

Congress recently changed the rules regarding loan forgiveness. The Treasury Department and Small Business Administration are responsible for updating the application form and instructions for loan forgiveness. You can find the most up-to-date information here.

PPP borrowers must apply for loan forgiveness with the lender that processed the loan.

This guide is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.