PPP loan forgiveness. Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness.PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. PPP Lender Agreement. The onepage 3508S forgiveness application (downloadable as a pdf here) requires about a minute to complete. Learn how to fill Paycheck Protection Program form online using Signeasy. A: Yes, if the loan is used on eligible costs and employee and compensation levels are maintained. Access your SBA account login for loans, grants, contracting, or to update your SBA business profile. If SBA determines that a borrower is ineligible for the PPP loan, SBA will direct the lender to deny the loan forgiveness application. The 7(a) loan program is SBA's primary business loan program for providing financial assistance to small businesses.