PPP loans made to eligible borrowers may qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained
- The loan proceeds are spent on payroll costs and other eligible expenses, per program parameters; and
- At least 60% of the proceeds are spent on payroll costs
Please note: Borrowers who have received a second PPP loan will be required to provide proof of a minimum of 25% in revenue reduction between 2019 and 2020.
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If 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 Reliant.
For your PPP loan to be considered for forgiveness, you must complete the PPP forgiveness application, and submit it back to Reliant.
Please carefully review the information and instructions included in the PPP Loan Forgiveness Application link below. Once you have completed it, you may submit your forgiveness application to Reliant via the same process you followed to submit your original loan application. Reliant will then submit it to SBA for further processing.
If you have any questions or would like any assistance, please don’t hesitate to reach out to a member of our business lending team.