Borrowers who have received a PPP loan through Prestamos will be invited to apply for forgiveness through the Spark Online Portal (where you originally updated your documentation) approximately 8 weeks after the loan funds are deposited into your bank account. Borrowers have ten (10) months to apply for forgiveness after the end of the loan term, or by October 2021.
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. For loans funded prior to June 5, 2020, borrowers will have the option to select an 8-week or 24-week loan term. Borrowers funded after June 5, 2020 are only eligible for the 24-week loan term, however, you can submit your forgiveness application once you have expended all the funds; you do not have to wait until the end of your loan term. 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. 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.