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  • Writer's pictureNatalie Zfat

Asking for Forgiveness: What to Do After You've Received Your Small Business Loan

So you got a small business loan... ⁣

Now what?!⁣

From applying for forgiveness to the real reason small banks became unsung heroes during COVID -- I talked to Citizens Bank Edmond CEO Jill Castilla on a recent episode of Asking for Myself about what to do after you received your small business loan.

Whether you received a Payroll Protection Program loan or Economic Injury Disaster Loan, Jill detailed what those key steps should be for your small biz.

So how do you apply for forgiveness?

  • It is crucial to maintain a record of all documentation of how you used your loan money (i.e. operating expenses and payroll continuation). Stay in touch with your lender to ensure you have all of the right materials and are on track to apply for forgiveness. 

  • The deadline to apply for forgiveness is 10 months from the start date of your loan. Your start date is either the date your loan was approved, or the date of your first payroll payment. You can decide!

  • EIDL can reduce the forgivability of your PPP loan by the amount granted. Check with your lender, or check out the forgivability calculator Jill developed in partnership with Mark Cuban at!

Stay close to my Instagram for the next installment of Asking for Myself, where I interview experts across a variety of industries about how to be successful in business - and in life.

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