How to Prepare


The information contained in this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program (PPP), including updates based on the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and guidance issued by the U.S. Small Business Administration (SBA). We will be updating this page with new information as we receive it. Please check back often and consider bookmarking this page. In the event of any discrepancies between the information on this site and the SBA’s site, please follow official SBA guidance.

Learn about the 3 key steps toward PPP loan forgiveness.

Step 1: Prepare now

To qualify for loan forgiveness, the funds must be used during the covered period. You can choose a covered period of any length between 8-weeks (56 days) and 24-weeks (168 days), beginning on the date you received the loan proceeds.

You’ll want to use the funds for eligible expenses, ensuring that you:

  • Spend at least 60% of the funds on payroll costs. 
  • Use the remainder of the funds on eligible business expenses (examples include mortgage interest, rent, lease payments, utilities, covered operations expenditures, property damage costs, supplier costs and worker protection expenditures). 
  • Consider discussing forgiveness with your financial and/or tax advisor before applying. 
  • Collect any recommended supporting documents you’ll need to complete the PPP loan forgiveness application.
  • For a Second Draw PPP Loan, you must submit information and documentation that demonstrates you have met the Gross Receipts Reduction requirements. If you did not provide this information and documentation when you applied for your Second Draw PPP Loan, you will need to provide such information and documentation as part of your forgiveness application.

Step 2: Apply online

Consider applying as soon as possible

Although you have until the maturity date of the loan to apply for loan forgiveness, we encourage you to complete your PPP forgiveness application as soon as you are able, as payments of the principal and interest will become due when your deferral period ends. You may want to consider the following, before deciding when to apply:

  • To get full forgiveness, make sure you have used all your PPP funds for eligible costs. You have up to 24 weeks to do so.
  • When you submit a loan forgiveness application and the SBA notifies Wells Fargo of the loan forgiveness amount, or that the loan is not eligible for forgiveness, your payment deferral period will end. At that point, loan payments on any amount not forgiven, including any interest, will become due and you will need to start making monthly payments, if applicable. 
  • Any payments made towards your PPP loan balance prior to the date you submit your loan forgiveness application may be returned to you, if loan forgiveness is approved, up to the approved loan forgiveness amount.If you have repaid your loan in full before submitting a loan forgiveness application, you will not be eligible for forgiveness.
  • If you have more than one PPP loan, you must first apply for forgiveness on your First Draw PPP Loan before applying for forgiveness on your Second Draw PPP Loan.

Choose the form that applies to you

The SBA has offered to all lenders the ability for their borrowers to apply for PPP Loan Forgiveness using the SBAs online system. Wells Fargo opted to not utilize the SBA’s Direct Forgiveness program so you must apply for Forgiveness through Wells Fargo.

  • Please do not attempt to submit a loan forgiveness application downloaded from the SBA site or register to use the SBA PPP Direct Forgiveness Portal. Wells Fargo is not participating in this program. The only way to apply for forgiveness for a PPP loan from Wells Fargo is through Wells Fargo’s online forgiveness application, outlined above. 
  • You’ll either use:
    • Form 3508S . Consider using this form if your loan is $150,000 or less. This simple form requires you to provide less information and the processing time may also be shorter than other forms.
    • Form 3508EZ. Consider using this form if you are not eligible for Form 3508S, and you meet one of the two eligibility conditions .
    • Form 3508. Consider using this form if you do not meet the eligibility conditions for either of the other forms.
  • We will only accept online applications for forgiveness. Wells Fargo Business Online® users will see the application link in Account Summary after signing on and expanding each eligible PPP loan account. We will also notify you by email when you are eligible to apply.

Prepare for the application process

We have created a Loan Forgiveness Preparation Checklist to help you prepare. When you are ready to apply, follow the steps in the online PPP loan forgiveness application. 

  • If you are required to submit documentation to support your forgiveness application, make sure you have all of your recommended supporting documents ready to upload online. Even if you are not required to submit any documents, you must retain all documents for the required periods and provide them upon request. 
  • Save your online application frequently, so you don't lose the information you have entered.
  • Review your loan forgiveness application, verify documents have been uploaded (if applicable), and confirm the amount you’re requesting before you submit your application.

Note: If you received a PPP loan through Wells Fargo, your loan numbers will be automatically pre-filled for you in the loan forgiveness application. You will not need to have them ahead of time to be able to apply for forgiveness.

Step 3: Receive confirmation

You will receive an email confirmation once you submit your loan forgiveness application. A dedicated associate or relationship manager will review your application and work with you to ensure everything is complete and processed as quickly as possible.

  • Once your application is complete Wells Fargo has 60 days to review your application, including documents, and submit your loan forgiveness application to the SBA.
  • After Wells Fargo submits your loan forgiveness application to the SBA, you will receive an email confirmation. The SBA has up to 90 days to review the application.
  • Wells Fargo will notify you within five business days of your loan forgiveness decision. If your application for PPP loan forgiveness is denied, you will automatically receive an SBA Loan Review.
  • If your loan is not completely forgiven, you’ll receive a statement from Wells Fargo with the amount and date of your first payment for the unforgiven portion.
  • Your PPP loan will operate just like a traditional term loan with monthly payments to Wells Fargo. If you are eligible, an email will be sent to you with instructions on how to request a SBA Loan Review of your Partial Forgiveness decision.
  • If you plan to request a SBA Loan Review, you must do so within 30 calendar days of receiving the email or you will not be eligible.

Loan Forgiveness Preparation Checklist

Wondering what you’ll need to apply for forgiveness? Discover which form to use, and what documents you’ll need. 

View the Checklist

Small Business Resource Center

Find expert insights and analysis, webinars, and guidance to support you so you can recover, rethink and rebuild stronger. 

View Resources


Learn more about PPP and loan forgiveness

Read FAQs

Loan Forgiveness Center

What you need to know about PPP loan forgiveness

Visit the center