Existing borrowers may be eligible for PPP loan forgiveness. This video demonstrates the process for completing the Paycheck Protection Program Liquidity Facility Individual PPP Loan Reduction Report.PPP loans offer a potential for the entire loan to be forgiven, taxfree. To be eligible for forgiveness, the loan proceeds must be used for: Instructions for Borrowers. Use this worksheet to help ensure the accuracy and completeness of your documents necessary for requesting Forgiveness. It's. Instructions for Borrowers. Use this worksheet to help ensure the accuracy and completeness of your documents necessary for requesting Forgiveness. It's. Applications are reviewed in the order received. After an initial review PHFA may contact you for additional documentation to complete your application.