Payment Protection Program (PPP)

Information on Loan Forgiveness

Updated: 8/26/2020

We’re committed to bringing you the latest information on the SBA’s PPP and how it could impact you. We’ll continue to update this page as Congress makes decisions and the SBA issues further guidance regarding this program.

Program Updates & Changes

You have up to 24 covered weeks to use the money you received in the loan. You must use at least 60% of the loan proceeds toward payroll protection; originally, Congress set the limit at 75%.

However, if you fall below using 60% for payroll costs, you won’t remain eligible for full loan forgiveness.

 

Applying for Loan Forgiveness

You will receive an email in the coming weeks to begin the process, depending on when you closed on your SBA PPP Loan.

This email to begin your forgiveness process,

  • • Will arrive after your initial covered period has been completed.
  • • Will be coming from our partner Wolters Kluwer.
  • • Contains a link to your personal forgiveness site.

Please keep an eye on your inbox – also check your spam folder just in case.

The forgiveness application site is where you’ll securely and safely fill out your forgiveness request information and upload the necessary documentation required for loan forgiveness. It’s also where you’ll be able to watch your application’s progress through the process.

You have up to 10 months after your covered period ends to seek forgiveness.

 

Documentation Required

You can prepare by referring to SBA Form 3508 or 3508EZ, the Loan Forgiveness Application Instructions for Borrowers, as a guide to gather all the required documentation.

Download SBA Form 3508 download icon Download SBA Form 3508EZ download icon

 

Finding your SBA PPP Loan Number

Your loan number is provided at the top of your loan promissory note.

 

SBA EIDL Advance Recipients

If you received an EIDL advance, this will result in a balance on your PPP loan after forgiveness on a dollar for dollar basis. For example, a $1,000 EIDL advance will result in a PPP balance of at least $1,000 based on the original language of the CARES Act. This may change with future legislation.

 

Questions?

Please contact us with questions or concerns you may have.

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