Paycheck Protection Program Forgiveness

The SBA (Small Business Association) has created an online Direct Forgiveness portal that allows participating lenders the ability to provide a quick and safe way for its customers to apply for forgiveness of their Paycheck Protection Program (PPP) loan. By accessing the SBA Direct Forgiveness portal, customers will review and electronically sign their pre-filled loan forgiveness application. Wood & Huston Bank is a participating lender with the SBA Direct Forgiveness portal.

When to Apply for Forgiveness

You can apply for loan forgiveness any time after you have spent the loan proceeds. The deadline to file for forgiveness is 10 months after the end of your chosen covered period. The covered period starts on the date you received your loan and ends on the date you choose which is at least 8 weeks but not more than 24 weeks later. You choose the duration of your loan's covered period as long as it lasts a minimum of 8 weeks and not more than 24 weeks.

How to Apply

For PPP loans of $150,000 or less, please click here to register and access the SBA's Direct Forgiveness portal.

For PPP loans greater than $150,000, please work with your existing Wood & Huston lender to complete and submit your forgiveness application.


All participants in the SBA PPP loan program should document their use of funds under the program. For PPP loans of $150,000 or less, you are not required to submit any supporting documentation with your loan forgiveness application. However, businesses are required to keep records showing what the PPP loan was spent on for at least 3 years after the loan is forgiven, as the Small Business Administration may review or audit the loan to check for fraud.

For PPP loans greater than $150,000, borrowers will use Form 3508EZ or 3508 to apply and are required to submit supporting documentation with your loan forgiveness application. You may review the list of required supporting documents on the SBA's website.

What Happens If You Don't Apply for Forgiveness?

If you do not apply for forgiveness within 10 months after the end of your PPP "Covered Period", you will be required to begin making payments on your loan at that point.

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Wood & Huston Bank and its subsidiaries are not tax or legal advisors. Please consult your tax or legal advisors for more information regarding your personal situation. We have no such agency relationships with CPAs, tax, or legal advisors.

Date Last Updated: August 4, 2021