PPP Forgiveness Process

Live Oak is helping our PPP customers apply for forgiveness. To prepare for the process, review Gusto’s thorough step-by-step guide and our high-level steps below for completing your PPP forgiveness application.

Choose Your Application

The SBA has three applications for PPP forgiveness: the 3508 long form, 3508 EZ or the 3508S (The 3508S application is for any PPP loans under $150,000.). Only specific borrowers will be able to use the EZ form. Please use our guide to determine which application you are eligible to use.

Collect Documents

Many payroll providers are creating standard PPP payroll reports to help you calculate forgiveness. Check with your provider to determine if they have prepared one for you and view our required documents list to start collecting what you need.

Prepare Application & Calculations

The PPP loan forgiveness application includes quite a bit of math that requires careful calculations. Reference Gusto’s thorough step-by-step guide for their spreadsheet to help keep track of everything or this calculator by the AICPA.

Apply Through Our Online Portal

We are briefly pausing new forgiveness applications until we enable revised documents from the SBA. We will update you when we open the forgiveness application process again. If you currently have a forgiveness application in process, our team will review and get these to the SBA for approval. Our PPP Support Specialists are working hard to answer your emails as quickly as possible. You can reach them at ppp@liveoak.bank.

PPP Forgiveness Timeline

Receive Funding
Rehire staff, pay employees and cover other eligible expenses within the first 24 weeks after receiving your loan.

Track Expenses
Keep detailed records and compile a track record of using your PPP loan on eligible expenses.

Apply for PPP Loan Forgiveness
We’ll review your application and will be in touch as soon as possible after that review. We’ll make a decision on your application and submit to the SBA within 60 days after your application is complete.

SBA Review
The SBA will review your application and determine what portion of the loan (if any) will be forgiven.

Forgiveness Resources

Forgiveness Calculator

  • Association of International Certified Public Accountants (AICPA)

    The AICPA loan forgiveness calculators use available guidance from the Small Business Administration (SBA) and Treasury, along with interpretations of that guidance to estimate the amount of a PPP loan that may be eligible for forgiveness. You will be asked to set up a username and password to access this free tool.

Applying for PPP Forgiveness:
How to Know Which Application to Use

The SBA has released streamlined variations of the Form 3508. The 3508S is available for PPP loans of $150,000 or less, and the 3508EZ is available for PPP loan borrowers meeting specific criteria. Please refer to the guide below, where we’ve outlined three different scenarios in which you are eligible to use the EZ Form.

When you are ready to complete your application with supporting documents for forgiveness, please call our PPP Support Specialists at 866.276.0154 or email us at ppp@liveoak.bank with your legal business name and contact information to request access to our PPP Portal.

Download Guide

If you are a Live Oak customer and have questions about PPP loan forgiveness, you may call us at 866-276-0154.
PPP Support Specialists are available Monday through Friday from 8:00 a.m. – 5:00 p.m. EST.


From our Business Resilience Resource Center

You are about to leave the Live Oak Bank website.

Disclaimer: This link will take you to a website outside of the Live Oak Bank site. The new site may offer a different privacy policy and level of security. Live Oak Bank is not responsible for the products or services that are offered or expressed on other websites.

Yes, I understand. Please continue.

Learn about your California consumer privacy rights & submit a personal information request.