The SBA Paycheck Protection Program Loan through American Express
Learn about forgiveness requirements and start your Loan Forgiveness Application below‡.
Update on PPP Loan Forgiveness
If your small business obtained a PPP loan, you may be eligible to have up to 100% of your loan forgiven by the Small Business Administration.
If you would like to start your Loan Forgiveness Application and begin reviewing the application forms and requirements, you can access the American Express® Forgiveness Portal by clicking on the Apply Now button below. You can also visit the SBA’s Paycheck Protection Program resource page for more information.
Quick Facts
Forgiveness Application Timeline
You can submit your application to us any time on or before the maturity date of your loan.
Documentation Required
Review the Form 3508, 3508EZ or 3508S requirements and gather supporting documentation
Loan Forgiveness
You can receive up to 100% forgiveness if eligibility criteria are met, including at least 60% of loan proceeds used for payroll costs.
Payment Deferral
Payments are deferred for a minimum of 6 months.
How Loan Forgiveness Works
The PPP allows for forgiveness up to the full principal amount of your loan if your loan funds are spent in accordance with PPP requirements.
These requirements include using the loan in qualifying amounts for payroll and nonpayroll expenses and either maintaining, or adjusting within permissible ranges, your employee headcount and salaries. If these requirements are met, an amount up to the full principal amount of the loan can be forgiven, and you will not be required to repay the forgiven portion of your loan, or the associated interest, to American Express. In order to qualify for forgiveness, you must apply, and forgiveness of all or a portion of your PPP loan is not guaranteed.
Start Your Forgiveness Application
Step 1: Review application requirements
Review the Loan Forgiveness Application forms and instructions on the SBA Paycheck Protection Program homepage.
Step 2: Apply online
Complete and submit a Loan Forgiveness Application, and supporting documentation, online through American Express’s Forgiveness Portal.
Step 3: Review decision
We will review your application, submit your application to the SBA, and communicate the outcome to you.
Start Your Forgiveness Application
To begin the application process, you will need to complete the Paycheck Protection Program Loan Forgiveness Application online.
You can submit your application to us at any time on or before the maturity date of your loan through the American Express Forgiveness Portal.
Apply Now
FAQs
Can you tell me more about the Loan Forgiveness Application process?
To apply for loan forgiveness, you must complete and submit a Loan Forgiveness Application, and supporting documentation, online through American Express’s Forgiveness Portal.
Once you have submitted your completed application, we have 60 days to review your application and issue a decision, which gets submitted to the SBA.
Once the SBA confirms our decision, the forgiven portion of your loan—if any—will be deducted from your outstanding balance. Interest will not accrue on the forgiven amount.
To review the Loan Forgiveness Application forms and instructions, please visit the Paycheck Protection Program homepage of sba.gov or treasury.gov.
What documents am I required to submit along with my Loan Forgiveness Application?
You can find this information on page 6 of Instructions for Loan Forgiveness Application Form 3508, Page 4 of Instructions for Loan Forgiveness Application Form 3508EZ, and Page 3 of Instructions for Loan Forgiveness Application Form 3508S, all of which are found on the Paycheck Protection Program homepage of sba.gov or treasury.gov.
You will be required to upload this supporting documentation in the American Express Forgiveness Portal.
How much of my loan can be forgiven?
As stated in the PPP Interim Final Rules relating to forgiveness, up to the full principal of the loan and any accrued interest can be forgiven. The forgiveness amount will depend on amounts spent during your Covered Period on payroll and nonpayroll expenses and the status of your employee headcount and salaries.
At least 60 percent of your loan funds must be used for payroll costs in order to be eligible for full forgiveness. For other forgiveness criteria, please review the Loan Forgiveness Application forms and instructions. If you do not meet all criteria, you may still be eligible for partial forgiveness.
Please review the Loan Forgiveness Application forms and instructions on the Paycheck Protection Program homepage of sba.gov or treasury.gov.
Am I required to apply for forgiveness?
No. Applying for forgiveness is optional.
If you elect not to apply for forgiveness for your PPP loan, you will need to start making payments on your PPP loan 16 months after your loan disbursement date. Please note that interest accrues on PPP loans during the deferment period.
Should I be using Form 3508EZ, Form 3508 or Form 3508S for forgiveness application?
There are three Loan Forgiveness Applications. The SBA has shared instructions for each of the three forms (Form 3508, a shortened version 3508 EZ, and a third version 3508S). You will be taken through this checklist in the American Express Forgiveness Portal.
If you have additional questions about Form 3508, Form 3508EZ or Form 3508S. please visit the Paycheck Protection Program homepage of sba.gov or treasury.gov to find the instructions and checklist.
What is the “Covered Period” of my loan when I apply for forgiveness?
Your “loan forgiveness Covered Period” is the 24-week period beginning on the date your PPP loan is disbursed; or, if your PPP loan was approved by the SBA before June 5, 2020, you may elect to have your loan forgiveness Covered Period be the 8-week period beginning on the date your PPP loan was disbursed. In either case this is the period of time, if you want to be eligible for forgiveness, in which you have to use your loan proceeds.
The loan forgiveness Covered Period of any borrower will end no later than December 31, 2020.
When is Alternative Payroll Covered Period available to a Borrower?
Alternative Payroll Covered Period is the period of time in which you incurred payroll costs eligible for forgiveness. It is used at your election only if you have a biweekly (or more frequent) payroll schedule. Otherwise, you would use the Covered Period for incurred payroll costs. The Alternative Payroll Covered Period may only be used for calculating eligible payroll costs. An eligible nonpayroll cost must be paid during the Covered Period or incurred during the Covered Period and paid on or before the next regular billing date, even if the billing date is after the Covered Period.
When do I need to start repaying my loan if I apply for forgiveness?
If you choose not to apply for forgiveness your first Payment Due Date is 17 months from your loan Disbursement Date, reflecting 16 months of payment deferral. If you receive a forgiveness decision from the SBA, your first Payment Due Date may be updated, but will never be earlier than 7 months from your loan Disbursement Date. Please note that during your payment deferral period, interest will continue to accrue on your account. Please refer to your monthly statement for updated details.
When does my loan start accruing interest?
Interest starts accruing from the date of loan disbursement.
Do I need to store documents and the application forms? For how long?
Please reference the full list of documents that should be saved for your records in page 6 of Instructions for Loan Forgiveness Application Form 3508, Page 4 of Instructions for Loan Forgiveness Application Form 3508EZ, and Page 3 of Instructions for Loan Forgiveness Application Form 3508S.
You must retail all such documentation in your files for six year after the date the loan is forgiven or repaid in full, and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request.
Resources
American Express COVID resource page
Paycheck Protection Program SBA Overview
Frequently Asked Questions about PPP Loan Forgiveness (08-11-2020)