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, including guidance issued by the U.S. Small Business Administration (SBA) on June 26, 2020. We will periodically update this information, so please check back often. You may even want to consider bookmarking this page.

On June 5, 2020, the “Paycheck Protection Program Flexibility Act” (Flexibility Act) was passed and makes various changes to the PPP. The Flexibility Act aims to provide small businesses with more time to spend loan funds and qualify for loan forgiveness.

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 for eligible costs incurred or paid during a 24-week (168 day) covered period (ending December 31, 2020, at the latest); if you received your loan before June 5, 2020, then you can choose an 8-week (56 day) or 24-week (168 day) covered period. 

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

  • Spend at least 60% of the funds on payroll. 
  • Use the remainder of the funds on eligible expenses (examples include mortgage interest, rent, lease payments, and utilities based on current SBA criteria for PPP loan forgiveness). 
  • Collect the recommended supporting documents you’ll need to complete the PPP loan forgiveness application.
Important Note: Your covered period begins on the day your PPP loan was funded. If you have a biweekly (or more frequent) payroll cycle, you may choose to start your covered period on the first day of your next payroll cycle, if that is preferred.

Step 2: Apply online

You have time — there is no immediate need to apply for PPP Loan forgiveness. You’ll want to apply once you have all the recommended supporting documents to substantiate the use of your PPP loan. Consider discussing with your financial and/or tax advisor before applying for forgiveness.

  • If you received a PPP loan through Wells Fargo, we’ll send you an email when the Wells Fargo PPP loan forgiveness online application is available. You’ll be able to access the online application through Wells Fargo Business Online®, or the Commercial Electronic Office® (CEO®). You’ll also find a link here, on the PPP Loan Forgiveness Center, once the online application is available.
  • You’ll either use the regular Form 3508, or Form 3508EZ. The form you use will depend on your circumstances. You should use Form 3508EZ if you meet the conditions, and otherwise you should use the regular Form 3508. Please do not attempt to submit a PPP loan forgiveness application downloaded from the SBA site.
  • Once the online application is available, you can enter information and save your progress as many times as you’d like until you’re ready to submit. 
  • Follow the steps in the online application to verify the amount you’re requesting to be forgiven. You’ll want to make sure you have uploaded all the recommended supporting documents before you submit your application.
  • You have until the maturity date of the loan to apply for loan forgiveness, but if you submit your loan forgiveness application within 10 months of the covered period, you won't have to make any payments of principal or interest on your loan before the date the SBA makes a final decision on the loan forgiveness amount.

Please remember: You must apply for PPP loan forgiveness online, as we are unable to accept applications downloaded from the SBA site.

Step 3: Receive confirmation

After you’ve submitted your PPP loan forgiveness application, we will review it and work with you to ensure everything is complete.

  • Once we have verified your application and documentation are complete, we’ll confirm with you the PPP loan forgiveness amount we will be submitting to the SBA.
  • If your loan is not completely forgiven, you’ll receive a statement 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.

We understand how important loan forgiveness is to you and we’ll be here to help you through this process.


Learn more about PPP and loan forgiveness

Read FAQs

Loan Forgiveness Center

What you need to know about PPP loan forgiveness

Visit the center