SBA PPP Loan Forgiveness

Southside Bank is here to help with your SBA Paycheck Protection Program (PPP) loan. We are currently accepting PPP forgiveness applications for loans received in 2020. Please review the information on this page for details.

If you received a PPP loan in 2021, please note that our forgiveness portal will soon be available and we will notify you when you may apply for forgiveness.

 

SBA PPP Forgiveness Application Details

You have the option to choose a covered period between 8 weeks and 24 weeks. As long as all funds have been used, you may apply for forgiveness by listing the covered period dates on your application and providing documentation for the number of weeks it took to deplete the funds. 

When applying for forgiveness, we encourage you to use payroll expenses only, if possible, to simplify the application process. If you can reach your loan amount with payroll expenses only, you will not be required to provide rent and utility documentation.

Please note that the SBA has shared that borrowers will not be required to make their first payment until 16 months from the date of loan disbursement. This new date was set as a placeholder to allow the SBA time to review forgiveness requests prior to the first loan payment date. If a portion of the loan remains after the SBA has confirmed the forgiveness amount, a new payment schedule will be established.

For the latest information regarding PPP Loan Forgiveness, please refer to the sites below:

 

SBA PPP Loan Forgiveness Applications

Please note that when you submit your organization’s PPP loan application in the secure portal, you must also submit the required supporting documentation. Click here to view the list of required documentation for each application type.

 

Questions?

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