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PPP Loans and Forgiveness

Our in-depth answers to the most common PPP Loan Forgiveness questions.

START FORGIVENESS APPLICATION

When Can Borrowers Apply for Forgiveness?

A Borrower can apply for forgiveness once all proceeds for which the borrower is requesting forgiveness have been used in their entirety. Please keep in mind that borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination.

However, if a borrower does not apply within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers must begin making payments to Celtic.

Where can I apply for PPP Forgiveness if my PPP loan is $150,000 or less?

Where can I apply for Forgiveness if my PPP loan is greater than $150,000?

Can I Apply Directly with the SBA for Forgiveness of My PPP Loan?

Why is Celtic Bank withdrawing funds from PPP customer accounts?

I am a BlueVine Customer and I thought I completed the Forgiveness Application with BlueVine; but Celtic Bank still pulled my first payment on the loan.

Can I apply for forgiveness through the SBA or Celtic Bank Portal if I am a BlueVine, On Deck, Liberty SBF or Funding Circle borrower?

I completed my Forgiveness Application, but it is still pending with the SBA. Will I be responsible for my first payment if the SBA has not made a final forgiveness decision?

Can I still apply for forgiveness after my due date?

Which Forgiveness Form Should Be Used?

What Are the First Draw PPP Loan Forgiveness Terms?

What is the maturity date on my PPP loan?

What Are the Second Draw PPP Loan Forgiveness Terms?

How Long Will the Forgiveness Process Take?

What Might Impact Forgiveness?

How Do You Calculate FTE for PPP Loan Forgiveness?

What Is a Covered Period?

What Are the Advantages of Selecting an 8-week Covered Period?

What Are the Advantages of Selecting a 24-week Covered Period?

What Are the Advantages of Selecting an Alternative Covered Period?

What Are the PPP Forgiveness Rules for Cash Compensation?

What Are Considered Payroll Expenses?

What Is Considered Compensation of Owner-Employee/Self Employed/General Partner?

What Are the Terms of the Loan for Any Unforgiven Amounts?

How do I set up a password for the Celtic Bank Portal?

Who can I talk to about PPP Forgiveness?

Ready to Complete the PPP Loan Forgiveness Process?

You can begin or complete your forgiveness application by logging in to your loan dashboard and clicking on the “Start Forgiveness” button. After clicking this button, you will receive an email within one to five minutes that contains a link to your customized application with your pre-filled data. If you need any assistance at all in getting access to or completing your forgiveness application, please email us at pppforgiveness@celticbank.com.

Start Forgiveness Application