PPP Loan Forgiveness

LiftFund is proud to partner with Lendio to process our clients’ PPP loan forgiveness applications. 

As your PPP loan originator, LiftFund has provided Lendio your loan information. You will be receiving an email from Lendio with instructions and log-in credentials. 

To begin your forgiveness application, visit LiftFund’s PPP Forgiveness Application Portal powered by Lendio. Once you sign in, you will be able to access additional instructions and tutorials to guide you through the process. 

If you have any questions or need your log-in credentials, please reach out to Lendio for support.

Connect with Lendio

Phone number: (866) 656-7601

Email: LiftFund@loanreliefppp.com

Who is Lendio?

Lendio is the nation’s largest small business loan marketplace. With loan products on tap from more than 300 of the best online lenders, banks, and industry specialty lenders, Lendio is a one-stop-shop for thousands of business owners looking for capital to start, operate, and grow. Lendio has helped facilitate more than $9B in PPP loans, and we’re excited to partner with them to process your PPP forgiveness application.

PPP Loan Forgiveness Guidelines

First Draw PPP Loan forgiveness terms

First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • 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

Second Draw PPP Loan forgiveness terms

Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
  • 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 and when to apply for loan forgiveness

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used on eligible expenses. Borrowers can apply for forgiveness any time up to the maturity date of the loan. However, we encourage you to start your PPP forgiveness process as soon as you are eligible to apply.

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.

PPP Loan forgiveness Application Process for LiftFund Clients

1. Login and activate your account in the LiftFund PPP Forgiveness application portal, powered by Lendio by following the steps listed below:

  • Use the username and password provided by Lendio via email. 
  • Lendio will send this information to the business email account used to process and sign your PPP Loan.

If you need help accessing your credentials, please send us an email to LiftFund@loanreliefppp.com or call us at (866) 656-7601.

2. Select the correct PPP Forgiveness form

Inside the forgiveness application portal, you will have access to your PPP Loan information and a digital version of the PPP Forgiveness application form you may qualify for. 

There are three different PPP forgiveness applications:

  • SBA PPP Loan forgiveness Application Form 3508 
  • SBA PPP Loan Forgiveness Application Form 3508EZ 
  • SBA PPP Loan Forgiveness Application Form 3508S

The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements.

3. Compile your loan funds expense information and supporting documentation:

Payroll (provide documentation for all payroll periods that overlapped with the Covered Period):

  • Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees
  • Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period:
    • Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
    • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state
  • Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount
  • Do NOT include the following when calculating eligible payroll costs for loan forgiveness:

Non-payroll (for expenses that were incurred or paid during the Covered Period and showing that obligations or services existed prior to February 15, 2020 for the first three listed obligations/services):

  • Business mortgage interest payments: Copy of lender amortization schedule and receipts verifying payments, or lender account statements
  • Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments
  • Business utility payments: Copies of invoices and receipts, cancelled checks or account statements
  • Covered operations expenditures:  Copy of invoices, orders or purchase orders paid, and receipts, cancelled checks or account statements verifying eligible payments
  • Covered property damage costs:  Copy of invoices, orders or purchase orders paid, and receipts, cancelled checks or account statements verifying eligible payments, and verification that costs were related to uninsured property damage due to public disturbance vandalism or looting that occurred in 2020
  • Covered supplier costs:  Copy of contracts, orders or purchase orders in effect at any time before the Covered Period (except for perishable goods), and copy of invoices, orders or purchase orders paid, and receipts, cancelled checks or account statements verifying eligible payments
  • Covered worker protection expenditures:  Copy of invoices, orders or purchase orders paid, and receipts, cancelled checks or account statements verifying eligible payments, and verification that expenditures were used to comply with COVID-19 guidance

This list of documents required to be submitted to your lender is not all-inclusive.

4. Sign and Submit the forgiveness form and documentation:

Complete your loan forgiveness application, sign attestations and completed application, and submit it to LiftFund with the required supporting documents and follow up with your lender to submit additional documentation as requested. 

The documents required to be submitted with your application vary by PPP forgiveness application form; however even in the instance where you are not required to submit supporting documentation, you are required to have the information readily available in case of an audit. Borrowers are required to save the supporting information for four years.

5. LiftFund will review and submit application to SBA for review and approval:

LiftFund has 60 days to review and submit your PPP forgiveness application to SBA. SBA has up to 90 days to review and approve the forgiveness request. 

If SBA undertakes a review of your loan, your lender will notify you of the review and the SBA loan review decision. Your lender is responsible for notifying you of the forgiveness amount paid by SBA and the date on which your first payment will be due, if applicable.

Please find complete Loan Forgiveness Requirements and Loan Review Procedures as Amended by the Economic Aid Act Here

If you have any questions or need your log-in credentials, please reach out to Lendio via email at LiftFund@loanreliefppp.com or call (866) 656-7601.