- Two years from the date your loan was made if your loan received an SBA guarantee number before ; or
- Five years from the date your loan was made if your loan received an SBA guarantee number on or after .
Borrowers can choose a covered period of any length between 8 or 24 weeks beginning on the date the borrower received the loan proceeds.
Please visit the Wells Fargo PPP Loan Forgiveness Center for additional guidance or resources regarding covered period, eligibility, use of proceeds, application procedures and documentation required to participate. You may also visit the SBA website for additional information.
All forgiveness applications for Wells Fargo PPP loans must be submitted online using the Wells Fargo PPP loan forgiveness application accessible through Wells Fargo Business Online ® or Commercial Electronic Office ® . We will notify you once the Wells Fargo PPP loan forgiveness applications become available.
For businesses that will be taking out a Second Draw PPP Loan, different or additional eligibility requirements apply
If you received a PPP loan through Wells Fargo, your loan numbers will be automatically pre-filled for you within the application. You will not need to have them ahead of time to be able to apply for forgiveness.
To help you prepare for the PPP loan forgiveness application, review the recommended supporting documents on the Wells Fargo PPP Loan Forgiveness Center.
PPP-eligible small business borrowers may include small business concerns as defined by the SBA, sole proprietors, independent contractors, self-employed individuals, nonprofit organizations, tribal business concerns, Veterans’ organizations, destination marketing organizations, some news organizations, and housing cooperatives.
The latest round of PPP loan funding provides separate eligibility requirements for First Draw PPP Loan instant payday loans Oliver Springs customers vs. Second Draw PPP Loan customers. The SBA eligibility requirements of the PPP program are comprehensive and cover borrower characteristics such as number of employees, type of industry, date of operation, qualifying payroll cost or self-employed compensation, and other requirements. For more information about PPP loan eligibility requirements, please visit the SBA PPP site.
- Have been in operation on , or have been a seasonal employer that was dormant or not fully operating as of but was in operation for a 12-week period between .
- Have an eligible Wells Fargo business checking account in the name of the business applying for a PPP loan and are enrolled in Wells Fargo Business Online ® OR have Commercial Electronic Office ® (CEO ® ) access. 1 Learn more about enrolling in Wells Fargo Business Online ® .
Applicants are responsible for understanding the PPP eligibility requirements and providing accurate information on the PPP loan application
- Employ 500 or fewer employees or otherwise satisfy size standards contained in the SBA PPP eligibility requirements.
- Employ 300 or fewer employees or otherwise satisfy size standards contained in the SBA PPP eligibility requirements.
- Have used or will use all loan proceeds from their First Draw PPP Loan before the disbursement of the Second Draw PPP Loan.
1 If you don’t have a business checking account, one of the fastest ways to open one is to gather your required documentation and make an appointment at one of our branches. You can schedule a branch appointment using our Make an Appointment tool, or by calling the nearest branch. All business owners need to be present to open an account. With all required documents, you can usually open the checking and online banking account* during your branch visit. While you’ll be able to submit an application for a PPP loan as soon as you open a new business checking account and set up online banking, until all required account validation checks are completed for the business owners on the new business checking account, your PPP application cannot be fully processed. The required checks are often completed in a matter of days, but can take weeks depending on the completeness and complexity of the business documentation provided to open the checking account.