Borrowers have ten (10) months after the end of their covered period (an 8-24 period of your choice) to complete and submit the application for forgiveness. Borrowers who have received a PPP loan directly through Prestamos (this does not apply to Blue Acorn clients) and that are now ready to apply for forgiveness should request an invitation to the Sparks forgiveness application by sending a written request to Forgiveness.Prestamos@cplc.org
Once the forgiveness module has been activated, you will complete the entire application online through a series of questions and sections where you can upload documentation. If your PPP loan was $150,000 or less, providing documentation on use of funds is optional but documentation should be retained for six (6) years from the date of forgiveness determination as per the PPP guidelines.
All borrowers will select an 8-week to 24-week covered period that begins on the date funds were deposited into your bank account. Borrowers can submit forgiveness applications once they have used all of the funds as long as it has been a minimum of 8-weeks from the date of deposit. The online module will track your progress and automatically calculate what percentage of your PPP loan is forgivable based on the answers you provide during the process.
You are able to save your application and complete it at a later date if you do not have all of the documents available when you start the forgiveness process. When you complete your application, please make sure you hit “submit.” Once you officially submit your forgiveness application to Prestamos, we have 60-days to make a determination on your forgiveness and submit your application to The SBA for final approval. You can track each step of the process through the online portal in the forgiveness module on demand.