The LiftFund partnership with Lendio to process PPP loan forgiveness applications ended on January 31st, 2022.
Good news is that you’re still able to submit your PPP loan forgiveness application with the instructions below.
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:
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:
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.
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:
The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements.
Payroll (provide documentation for all payroll periods that overlapped with the Covered Period):
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):
This list of documents required to be submitted to your lender is not all-inclusive.
Complete your loan forgiveness application, sign attestations and completed application, and submit it to card@LiftFund.com 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.
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