Wondering when to apply for PPP Loan forgiveness? Look no further than our step-by-step process to prepare and apply.

If you’ve received a PPP Loan, it’s important to ensure you know when and how to apply for PPP loan forgiveness. We’ve outlined everything you need to know when it comes to the PPP forgiveness timeline:

  • The Covered Period begins when the PPP loan proceeds are received. The Covered Period ends between 8 and 24 weeks later, at the selection of the borrower.
    • If a borrower picks a time period other than 8 or 24 weeks, Santander will be able to submit the forgiveness application beginning on 3/5.
  • The Deferral Period is the 10-month period after the maximum Covered Period in which a borrower can apply for forgiveness and not have to make monthly payments. If a forgiveness application is not submitted by the end of the Deferral Period, monthly payments will begin.

Although you have 10 months from the end of the Covered Period to apply for forgiveness, it is a best practice to submit your application once you have spent all funds and compiled all supporting documentation.

Steps to apply for forgiveness:

  1. Gather documents supporting your claimed expenses
  2. Know ahead of time what you expect to claim for forgiveness
  3. Apply as soon as all required documents are compiled


Readers should consult their own attorneys or other tax advisors regarding any financial or tax strategies mentioned in this article. These materials are for informational purposes only and do not necessarily reflect the views or endorsement of Santander Bank.

  Equal Housing Lender. Santander Bank, N.A. is a Member FDIC and a wholly owned subsidiary of Banco Santander, S.A. ©2021 Santander Bank, N.A. All rights reserved. Santander, Santander Bank, and the Flame Logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. All other trademarks are the property of their respective owners.


Was this article helpful?

You already voted!