The SBA opened their forgiveness “portal” for banks to begin remitting forgiveness applications on August 10, 2020, however, due to uncertainties with the process at the SBA the first forgiveness decision was made by the SBA on October 6. As a result we have begun to process forgiveness application effective immediately.
On October 9, 2020 the bank received guidance from the SBA establishing a streamlined loan forgiveness process for loans $50,000 and less. Additionally, there is pending legislation that may increase the loan size threshold for the streamlined process from $50,000 to $150,000.
The new streamlined SBA Form 3508S applies to loans $50,000 and less and requires fewer calculations and less documentation for forgiveness. Additionally, eligible borrowers are exempt from reductions in loan forgiveness due to reductions in full-time equivalent (FTE) employees or employee pay. The new SBA Form 3508S, along with the instructions and the new Interim Final Rule is provided below.
If your loan is between $50,001 and $150,000 you may want to consider delaying your application due to the possibility of additional simplification of the process. However, if you choose to submit your application, please review the instructions and documentation requirements included in the instructions for your applicable SBA Form (3508EZ or 3508) so we can ensure a more timely processing experience. We cannot stress enough that, as part of the SBA requirements, ALL required documentation needs to be submitted to the bank before we can process and submit your forgiveness application to the SBA. Since you have up to 10 months from the end of your Covered Period to send us your PPP Forgiveness Applications we encourage you to take as much time as necessary to collect the proper documentation.
Use the link (“PPP Forgiveness Submission”) below to send us your PPP forgiveness application and all supporting documentation. Please include your company’s name in the Subject box.
Thanks for your business and if you have additional questions please feel free to contact your loan officer at the bank.
Below are helpful resources to assist you with your Paycheck Protection Program (PPP) Loan. The documents will assist you in securing loan forgiveness and performing other actions you may need to take with regard to your PPP loan. As we receive helpful documentation we will make it available to you on this page.
Paycheck Protection Program - Second Draw Application (Form 2483-SD)
- Paycheck Protection Program (PPP) Second Draw Application (Form 2483-SD)
- Paycheck Protection Program (PPP) Interim Final Rule – Second Draw Loans
- How to Calculate Loan Amounts
FORGIVENESS (Forms updated 1/19/21)
Paycheck Protection Program - Loans $150,000 or Less (Form 3508S)
Paycheck Protection Program - EZ Application (Form 3508EZ)
Paycheck Protection Program - Standard Application (Form 3508)
Securely Send Documents to Bank Employees
(Click the button below, click Secure Upload, and then select PPP and click Submit)