PPP Forgiveness

At Live Oak Bank, we encourage our PPP loan customers to work with your CPA or third-party payroll processing provider to ensure a full understanding of the rules, the accuracy of your forgiveness application and to collect the correct documentation.

We recommend that our PPP loan customers monitor for updates on the topic of forgiveness published by the resources below.

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.

PPP Forgiveness Process

Live Oak is gearing up to launch our online PPP forgiveness application portal. In the meantime, review Gusto’s thorough step-by-step guide and our high-level process below for completing your PPP forgiveness application. We will reach out to each borrower with a link to our forgiveness portal to begin the application process once it is ready.

1. Choose Your Application

The SBA has two applications for PPP forgiveness the 3508 or EZ Form; only certain borrowers will be able to use the EZ Form. Use our guide to determine which application you are eligible to use.

2. 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.

3. 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.

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

The SBA released a streamlined application (3508 or EZ Form) for PPP forgiveness which only certain borrowers will be able to use. We’ve outlined three different scenarios in which you are eligible to use the EZ Form.

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.