Wells Fargo PPP Loan Forgiveness Online Application

Wells Fargo PPP Loan Forgiveness Online Application

Wells Fargo PPP Loan Forgiveness Online Application — The only way to apply for forgiveness for a PPP loan from Wells Fargo is through Wells Fargo’s online forgiveness application.

Wells Fargo PPP Loan Forgiveness Online Application — How to apply!

According to Wells Fargo, “We are now accepting PPP loan forgiveness applications for most loans originated in 2020 and First Draw Loans originated in 2021.

When your loan is eligible, you will receive an email invitation and a link to the forgiveness application will be available through Wells Fargo Business Online, or the Commercial Electronic Office (CEO). If you received your PPP Loan from Wells Fargo, you must apply for PPP loan forgiveness through Wells Fargo.

Please do not register to use the SBA PPP Direct Forgiveness Portal. We encourage you to review this site before you start the forgiveness application process”.

Also, read about Chicago Community Loan Fund

Step 1: Prepare first

  • Understand covered period and eligible costs.
  • Review the PPP Loan Forgiveness Application options. You’ll either use: 
    • Form 3508S. Consider using this form if your loan is $150,000 or less. This simple form requires you to provide less information and the processing time may also be shorter than other forms.
    • Form 3508EZ. Consider using this form if you are not eligible for Form 3508S, and you meet one of the two eligibility conditions
    • Form 3508. Consider using this form if you do not meet the eligibility conditions for either of the other forms.
  • Go to How to Prepare and start gathering the recommended supporting documents, as applicable.

Step 2: Apply online

  • For eligible customers who are ready to apply for loan forgiveness, the link to the forgiveness application can be accessed through Wells Fargo Business Online®, or the Commercial Electronic Office® (CEO®). After signing on, Wells Fargo Business Online® users will see the application link in Account Summary after expanding each eligible PPP loan account. CEO users will see the link on the home page, after signing on.
  • Please do not register to use the SBA PPP Direct Forgiveness Portal, Wells Fargo is not participating in this program. The only way to apply for forgiveness for a PPP loan from Wells Fargo is through Wells Fargo’s online forgiveness application, outlined above. The Small Business Administration (SBA) PPP Direct Forgiveness Portal cannot be used for Wells Fargo PPP loan forgiveness.
  • Once you start your online application, you’ll be able to save and come back to it as you prepare it.
  • You’ll want to wait to submit your PPP loan forgiveness application until you have collected and uploaded all your supporting documents, as applicable. 

Step 3: Receive confirmation

  • We’ll review your loan forgiveness application and supporting documents, then submit the completed application to the U.S. Small Business Administration (SBA).
  • We’ll let you know when we receive a response from the SBA.

Relevant questions and answers about Wells Fargo PPP loan forgiveness application online

Is Wells Fargo accepting PPP loan forgiveness applications?

We are now accepting PPP loan forgiveness applications for most loans originated in 2020 and First Draw Loans originated in 2021. If you received your PPP Loan from Wells Fargo, you must apply for PPP loan forgiveness through Wells Fargo. Please do not register to use the SBA PPP Direct Forgiveness Portal.

Is there a deadline to apply for PPP loan forgiveness?

If you got a Paycheck Protection Program loan during the first draw, your deadline for applying for forgiveness is August 30, 2021. The applications for forgiveness are made through your lender or through the PPP Loan Forgiveness Portal opened by the Small Business Administration.

Is PPP loan forgiveness application available?

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 their PPP lender.

Why is Wells Fargo not accepting PPP applications?

We have stopped accepting applications for PPP loans due to the Small Business Administration (SBA) PPP funding being exhausted. Wells Fargo offers several loans and lines of credit for small businesses.

How long does Wells Fargo take to approve PPP loan?

Once your application is complete Wells Fargo has 60 days to review your application, including documents, and submit your loan forgiveness application to the SBA. After Wells Fargo submits your loan forgiveness application to the SBA, you will receive an email confirmation.

What are the new rules for PPP loan forgiveness?

The “60/40 split” is still in effect: To receive maximum loan forgiveness, borrowers must spend at least 60% of their loan on eligible payroll costs, and no more than 40% on eligible non-payroll costs. SBA wrote in an interim final rule: “At least 60% of the PPP loan proceeds shall be used for payroll costs.

What documents do I need for PPP loan forgiveness?

  • Name of your business: business legal name, DBA, trade name (if applicable)
  • Business Tax Identification Number (TIN): Social Security number (SSN) or Employer Identification Number (EIN)
  • SBA loan number.
  • Your PPP loan amount.
  • EIDL advance amount (if you got one)
  • EIDL application number (if you applied)
  • Number of employees at the time of your PPP application
  • Number of current employees
  • PPP loan disbursement date
  • Payroll schedule
  • Cost of covered non-payroll expenses 
  • The 24-week covered period

What happens if you don’t apply for PPP forgiveness?

If you don’t apply for loan forgiveness within 10 months after the last day of your covered period, you’ll be required to start making payments to your PPP lender at 1 percent interest, which started accruing when the loan was made.

What qualifies for PPP forgiveness? For Borrowers

Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement.

How do I get my PPP loan 100% forgiven?

  1. Spend all of the funds on eligible expenses eight weeks after you receive the loan — eligible expenses include spending 60% of the loan on payroll and 40% on operating costs.
  2. Rehire all laid-off staff.
  3. Avoid other layoffs.
  4. Keep all full-time staff at their full salary — or close to it

Who is not eligible for a PPP loan?

In general, if the applicant or the owner of the applicant is the debtor in a bankruptcy proceeding, either at the time it submits the application or at any time before the loan is disbursed, the applicant is ineligible to receive a PPP loan.

How do I pay myself with PPP?

You can use the PPP funds to pay yourself through what’s called owner compensation share or proprietor costs. This is to compensate you for a loss of business income. To take the full amount of owner compensation share, you will have to use a covered period of at least 11 weeks.

Is Chase still accepting PPP applications?

We aren’t accepting new PPP applications because SBA PPP funds have run out. If your application is in progress, we’ll email you with an update when we know more.

Are PPP funds still available today?

As of 5/31/2021, the SBA has disbursed $800 billion of the $813.5 billion so far appropriated by Congress to this program. As of Round Three, $6 billion, or 2 percent of Round Three PPP funding, remains available to the program.

How can I check my PPP forgiveness status?

If you applied for your PPP loan via Womply, you can check your loan application status at https://www.womply.com/ppp-status/. If you did not apply through Womply, you will need to contact your SBA-approved lender and request a status update.

What happens if my PPP loan is denied?

Borrowers have 30 days to appeal a PPP loan denial when the SBA makes an official written denial decision. You can submit an appeal petition with the SBA’s Office of Hearings and Appeals (OHA), detailing the evidence, burden of proof, and supporting financial documentation.

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