Eligible Expenses

The PPP loan was designed to cover eligible expenses and payroll for a period of 8-24 weeks. As a PPP borrower, your covered period begins on the date the loan was disbursed and ends on a date you may choose that falls within 8–24 after loan disbursement. You must spend money you received from the loan within your covered period, or you won’t be eligible for full loan forgiveness. The length of your covered period is up to the borrower’s discretion, as long as it is between 8 and 24 weeks for each round of PPP.

PPP Funds must be used for Eligible Expenses such as:

• Payroll must be at least 60% (unless you’re self-employed) or you won’t be eligible for full loan forgiveness
• Health and safety requirements such as personal protective equipment (PPE), health screenings, installation of barriers or expansion of outdoor dining
• Mortgage interest for business real estate
• Necessary supplier costs
• Property damage related to civil unrest
• Rental or lease expense for business location
• Revenue replacement (only if you’re self-employed)
• Software expense
• Utilities

When do you request loan forgiveness?

You may begin applying for forgiveness as soon as your covered period has ended, so between 8 and 24 weeks after your loan disbursement. Make sure you know how long your covered period will be and wait until the end. BCL will default to contacting our customers after 24 weeks to ensure they have the possibility of using the full coverage period if they choose to.

BCL will stagger access to our online forgiveness portal based on the date you received your loan. As we open our portal to loans in your date range, you will receive an email from us with your unique link to access your application, along with our Step-by-Step Forgiveness Instructions to help you maximize forgiveness on your PPP loan. We will contact borrowers 24 weeks after loan disbursement; if you want to apply for forgiveness earlier, reach out to us and we can help you.

What if I have taken out 2 PPP loans?

You’ll need to request Forgiveness separately for each PPP loan that you have. If you received a 2nd PPP loan, you may not apply for forgiveness for your 2nd PPP loan prior to applying for forgiveness for your 1st PPP loan.

How long do I have to apply for PPP Loan Forgiveness?

Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

What will you need to submit with your application?

You will need to provide all required documentation to support expenses being reported for PPP loan forgiveness. Click here to review a detailed list of documents that are required for your application.

What if I am having technical issues with the online forgiveness portal?

For best results completing your forgiveness application, we recommend working on a desktop or laptop computer and using Google Chrome as your browser (some users have reported issues when using other browsers).

Use the following Step-by-Step Forgiveness Instructions to assist you with your application:

• PPP Loan over $150,000
• PPP Loan of $150,000 or less

What to expect after you apply

After your application is submitted, you will receive information about what to expect next. It can take up to 150 days for debt forgiveness approval.

We will review your entire application to make sure that your submission is complete and that you have included all of the appropriate documents. If there are any problems or discrepancies, we will send you an email or call you with instructions.

Upon the SBA’s approval, your loan will be adjusted to the new remaining amount, or completely forgiven. In the event additional payments are needed, we will contact you with documentation and next steps.

Please note that after initially reviewing your documents for completion, BCL submits your forgiveness application package to the SBA and the timeline is based on the SBA. Please allow up to 150 days to receive a final response from the SBA.