PPP Loan Forgiveness


PPP Loan Forgiveness 


Borrowers may apply for PPP loan forgiveness once all their loan proceeds for which they are requesting forgiveness have been used. Forgiveness may be applied for at any point up until the maturity date of the loan. If forgiveness is not applied for within 10 months after the last day of the covered period, the PPP loan payment deferral period ends and the borrower will begin payments to the PPP lender.

PPP Loan Forgiveness Terms:
Employee and compensation levels are maintained
The loan proceeds are spent on payroll costs and other eligible expenses; and
At least 60% of the proceeds are spent on payroll costs


 
 
How to Apply - Loan Forgiveness
 
1. View the SBA's website for instructions and additional forgiveness information
 
 
2. Complete the application*
 
 
 
 
3. Submit your completed application to the Star Bank representative you've been working with**
 
 
 
 *Please note that information regarding the PPP is constantly changing. We will do our best to bring you the most up-to-date information. Please check the US Department of Treasury's website for all the current information. **To safeguard your information, always send your documents securely. If you're unable to send a secure email, please send your documents in the mail or drop them off in the drive-thru or night-drop.