Small Business Administration (SBA)
Paycheck Protection Program Update on Loan Forgiveness

We will begin to accept Forgiveness requests when we get additional guidance from the SBA. Please check back on this page for updates.

If you have received funding through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), you may be eligible to request loan forgiveness. We know that loan forgiveness is important to you and your business and that you have questions.

We’ll let you know when you can request Forgiveness through Chase so that you’ll have time to complete it. Make sure you have a Chase Business Online profile. If you don’t have one, click here

Updated information from the SBA on how to prepare for Forgiveness:

  • A detailed list of documentation you’ll need to submit (page 10):

Requesting Loan Forgiveness through Chase

  • Loan Forgiveness is not automatic, you must request it through Chase.
  • We'll provide you a timetable for Forgiveness requests as we get guidance from the SBA.
  • Make sure you have a Chase Business Online profile. If you don’t have one, click here.
  • We’ll email you when you can request Loan Forgiveness online. 
  • PPP loan payments start seven months after the loan funds were deposited into your Chase business checking account, but interest will continue to accrue. The borrower will be responsible for all amounts not forgiven.
  • Not more than 25% of the Loan Forgiveness amount may be attributable to non-payroll costs.  
  • You will need to certify and document that you used the loan funds for SBA-eligible purposes
  • We’ll review your request and send it to the SBA for a decision.
  • You’ll be able to check your Loan Forgiveness status online – we aren’t sure yet how long the SBA will need to make a decision.
  • Once the SBA makes a decision, we’ll email you.

It is your obligation, as the borrower, to understand the SBA's rules. Other eligibility requirements may apply.