PPP Loan Forgiveness

Paycheck Protection Program (PPP)

The U.S. Treasury and the SBA have continually modified the PPP guidelines since the program started. We recommend that you continue to watch for updates regarding the PPP and its guidelines throughout the loan process, including how you may use the proceeds, which expenses may be paid using the proceeds, and any additional guidance that may be issued on loan forgiveness. You can find detailed information on the SBA and U.S. Treasury websites.

There are important guidelines outlined by the SBA for how you spend PPP funds and your eligibility for loan forgiveness.

  • All or some portion of the loan principal and accrued interest can be forgiven if you use the loan funds for purposes that fully meet the forgiveness requirements issued by the SBA.
  • The amount of your loan that is forgiven may be reduced if you do not completely follow the requirements.
  • The actual amount of the forgiveness will depend, in part, on your use of all of the loan funds for forgivable purposes and whether you maintain employee and compensation levels during the required periods.

The recently enacted Paycheck Protection Program Flexibility Act (PPPFA) changes some of the guidelines related to forgiveness of PPP loans. We recommend that you study the PPPFA carefully. Consult an attorney, accountant, or other professional advisor regarding how it may specifically impact your particular situation.

Applying for PPP Loan Forgiveness

Regions is currently developing a digital tool to make it easier for you to complete and submit your forgiveness application and upload the required supporting documents. The date we make the tool available to you will depend on the PPPFA and resulting regulations as well as final instructions from the SBA on how to submit forgiveness applications for review and approval. We will continue to update this page as new information is available.

Given the uncertainty around the forgiveness process instructions and the potential that rules for the use of PPP funds may continue to change, Regions will wait to accept forgiveness applications from customers until the launch of the Regions digital tool.

For additional answers to questions you may have about PPP Loan Forgiveness, read our PPP Loan Forgiveness FAQs.

PPP Loan Forgiveness FAQs