We sincerely appreciate your patience as we navigate the complexities of PPP loan forgiveness together. We know that our local businesses are the heart of our communities and we continue to be committed to your success and well-being.
If you have general questions about the PPP loan forgiveness rules, we recommend you review the “Resources for Questions” section at the bottom of this page.
PPP Forgiveness Application for All Loan Amounts
We have recently rolled out a new portal for both the new round of PPP loan originations and for forgiveness of existing PPP loans. Recent focus has been on getting the loan origination platform up and running before we turn to rolling out the new forgiveness process.
We will be opening the portal to forgiveness applications for loans of up to $150,000 the week of February 22nd. Those applicants should expect to receive an email invitation from us to start the forgiveness process. The portal will open early in March for those with loans of over $150,000.
For those preparing to apply for forgiveness, especially for loans over $150,000, please be sure to review the SBA data and supporting documentation requirements ahead of time, obtain and organize any employment reports that will be uploaded to the portal. We recommend that you become familiar with the requirements on the Small Business Administration (SBA) website.
You will need to supply the following information:
- Payroll documentation
- Full-time equivalent (FTE) documentation
- Non-payroll documentation
Not only will you need these documents to apply for forgiveness, the SBA requires you to retain them for six years after your loan is fully forgiven and/or repaid, and that you have them available for review in the future if requested.
This list applies to a majority of businesses, but your situation may be unique. The Paycheck Protection Program Forgiveness applications cover many special circumstances, provide information on selection of the covered period (or alternative payroll covered period) for payroll, and address how to treat FTE reduction. The SBA also continues to provide updates on forgiveness documentation requirements at SBA.gov.
While the SBA Forgiveness forms show expirations dates, this has no bearing on your timeframe to apply for forgiveness. You actually have until the maturity of your loan to apply. However, absent an application for forgiveness, your monthly loan payments will become due beginning 10 months after the end of your covered spending period. Therefore, you should not feel rushed to move ahead until you have all of the information you need to fully support the application.
You can review the current application form(s) and the instructions for their completion using the links below:
- SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application
- SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application
- SBA Form 3508S Paycheck Protection Program Forgiveness Application
Resources for Questions
- SBA Frequently Asked Questions on PPP Forgiveness
- Small Business Administration (SBA) Coronavirus Small Business Guidance & Loan Resources
- Second Draw PPP Loans: how to calculate revenue reduction and maximum loan amounts (including specific documentation to provide)
- PPP FAQ for Lenders and Borrowers
- Previous PPP messages
- January 25th Guidance on Draw 2 Paycheck Protection Program
- January 15th An Update About PPP Loans – January 15, 2021
- December 23rd Congress Re-Opens the Paycheck Protection Program
- December 16th The Latest on PPP Loan Forgiveness
- October 9th SBA Streamlines PPP Forgiveness for Loans of $50,000 and Under
- August 25th PPP Loan Forgiveness Update
- July 21st Important Updated Regarding PPP Loan Forgiveness
- June 19th SBA Announces Revised Forgiveness Application and New EZ Application for the Paycheck Protection Program
- June 9th Update: Paycheck Protection Program Flexibility Act
- May 11th Information For Our Paycheck Protection Program Borrowers
- May 6th SBA Offers Clarity For Approved PPP Borrowers Attempting to Rehire Employees
- April 27th Funding for Paycheck Protection Program Renewed
- April 24th Paycheck Protection Program Resumes
- April 16th PPP Fraud
- April 16th PPP Funds Exhausted: SBA No Longer Accepting Loan Applications
- April 14th SBA Guidance of PPP Loans for Self-Employed & Independent Contractors
- April 2nd Paycheck Protection Program with the Merrimack
- March 30th The Small Business Owner’s Guide to the Cares Act