Paycheck Protection Loan Forgiveness
Borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement. A borrower can apply for forgiveness once it has used all loan proceeds for which the borrower is requesting 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.
We will be contacting businesses seeking forgiveness of their first PPP loan with Optus Bank by email with a link to a forgiveness application portal in the coming weeks. Please do not complete the forgiveness application and email to us.