How to apply for PPP loan forgiveness Wells Fargo?
The Paycheck Protection Program (PPP) is made to economically aid those small businesses, non-profits and venues act under the US Small Business Administration (SBA).
Once the online PPP loan application is submitted for SBA review, nothing can be added or removed from your application.
PPP Loan Application [Paycheck Protection Program]
Follow the below 4 steps to apply for the Wells Fargo Loan Forgiveness application.
Step-1: Preparations needed for Wells Fargo PPP loan online application includes.
- – Spend at least 60% of the loan either within the first 8 weeks or the first 24-weeks.
- – Use the remaining amount towards other necessary businesses.
- – Discuss forgiveness with your financial or tax advisor.
- – Collate all supporting documents if you plan to apply for loan forgiveness.
Step-2: Online application process.
- – One must use all the PPP funds to finance only the costs of the business against which the loan was claimed. Usually, loaners have almost 8 or 24 weeks to spend the money.
- – Until the end of the loan deferral period you would be notified if your loan has been forgiven. If not, then you might have to start making the payments.
- – If you have already paid back the loan, you can still apply for forgiveness.
- – Use either Form 3508S, 3508EZ, or Form 3508 according to your requirement.
Step- 3: Prepare for the online application process
- – Check with the loan forgiveness preparation checklist, to understand if you can apply for loan forgiveness and under what section.
- – Save your online application frequently, so that you have not lost any information.
- – Review the application and then submit it.
Step 4: Receive confirmation for the online application
- – Wells Fargo will take 60 days to review your application.
- – After the reviewing by Wells Fargo is complete, you will receive a notification of completion.
- – It would then go to SBA, and they would take somewhere 90 days to review the application process.
- – Wells Fargo will come back to you within 5 days from the time SBA sends a notification to them telling you if your forgiveness has been sanctioned.
- – If your loan has not been forgiven, you can appeal back to SBA within 30 days.
Also Read:- IRS Stimulus Check Application
Wells Fargo Business Online PPP Forgiveness Application
PPP loans used for covering individual business expenses are eligible for forgiveness. However, if a certain part of the loan is not forgiven, you would have to repay the unforgiven amount and also any accrued interests. Ten months from the last day of the covered period, the deferral period comes to an end.
If you want to apply for loan forgiveness, you have taken through Wells Fargo, you would have to submit through the online application provided by Wells Fargo. It can be downloaded from the Wells Fargo Business Online or the Commercial Electronic Office.
Additionally, not once but you can also apply twice for PPP forgiveness known as Wells Fargo PPP loan round 2.
Wells Fargo PPP loan forgiveness form
Wells Fargo has a separate PPP loan forgiveness form. If Wells Fargo is your lender make sure, you fill the Wells Fargo PPP loan forgiveness online application, instead of the SBA application from the SBA site.
Wells Fargo PPP loan status
It can either be fully or partially forgiven and it may also be that it is not at all forgiven by SBA. Under these circumstances, loan status would be communicated by SBA to Wells Fargo and Wells Fargo to you in 5 days.
If you want to request a re-review, you can file it again within 30 days.
How do I apply for PPP at Wells Fargo?
To apply for PPP at Wells Fargo, you must fill out the request form with them. In case, you have taken the loans with Wells Fargo, the loan numbers would be filled in automatically within the application.
Review the supporting documents and use whichever is eligible.
For payrolls, owner compensations and non-payrolls have separate documentation needs.
Is Wells Fargo accepting PPP applications?
If you want to know ‘is Wells Fargo taking PPP applications?’ The answer is yes, Wells Fargo is accepting PPP applications for those accounts which have been opened before 12-01-2020.