PPP Loan Forgiveness

The SBA’s Forgiveness Portal is NOW OPEN and Accepting Forgiveness Applications.

 

How to Apply for Loan Forgiveness:

 

NEW: if your loan amount is $50,000 or less then you can use the NEW simplified Forgiveness Application.

Click Here to download the new Simplified Forgiveness Application.  

Click Here for the Simplified Forgiveness Application Instructions.

 

OR, if you meet the following criteria, use the EZ version of the Forgiveness Application:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of employees by more than 25%, and did not reduce the number of hours of employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of employees by more than 25%.

 

Click Here for the EZ Forgiveness ApplicationYou MUST download and save this file to your computer first, then open it to utilize the E-signature feature.  It must be E-signed and initialed to upload to the Bank.

Click Here for the EZ Application Instructions  

 

If you DO NOT meet the above criteria, then use the long-form application below.

Click Here for the long-form Loan Forgiveness Application  OR use the EZ Forgiveness Application above, if you qualify. 

Click Here. for the Application Instructions.

EIDL (Economic Injury Disaster Loans) and PPP Forgiveness.  If you received an EIDL between January 31, 2020, and April 3, 2020, and you used the funds for payroll, then you MUST use your PPP funds to refinance the full amount of the EIDL, and this information needs to be included in your Forgiveness Application.  Click Here for the Guidance from the SBA.  If you do NOT meet these criteria then do NOT include your EIDL information on your Forgiveness Application.

 

Documentation to Submit with Forgiveness Application

Payroll Documentation Examples

Nonpayroll Documentation Examples

Click Here for Forgiveness FAQ

Click Here to review the Loan Forgiveness Interim Final Rules.

MOST COMMON MISTAKES FOUND WHEN FILING FORGIVENESS APPLICATION PACKAGES:
  • Missing signature and/or initials on the application.
  • Missing 2019 owner compensation support.
  • Missing or incorrect Feb 2020 utility baseline evidence support.
  • Missing non-cash (i.e., health care) or utility proof of payment.
  • Uncertainty of cash compensations (i.e., no bank statements and/or unclear if supporting payroll reports support claimed forgiveness).
  • The lease or mortgage is not in the same name as the business, dba, or owner, and there is no explanation.
 

SUBMIT YOUR LOAN FORGIVENESS APPLICATION AND DOCUMENTATION BY CLICKING THIS LINK*

*If you require a secure portal to transmit your Application and Information to the Bank, please contact us using this link and we will reply to your request.

 

Documents that Each Borrower Must Maintain for Six (6) Years, but is Not Required to Submit: All records relating to the Borrower’s PPP loan, including documentation submitted with its PPP loan application, documentation supporting the Borrower’s certifications as to the necessity of the loan request and its eligibility for a PPP loan, documentation necessary to support the borrower’s loan forgiveness application, and documentation demonstrating the  Borrower’s material compliance with PPP requirements. The Borrower must retain all such documentation in its files for six years after the date the loan is forgiven or repaid in full, and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request. 

 

The Lending Bank and or the SBA reserves the right to require more information.  There will be NO forgiveness if the documentation is not presented and accepted.

Your Lending Bank will then have 60 days to reply on whether or not you qualify for loan forgiveness, and the SBA has 90 days to approve your loan forgiveness and fund the payoff.

Please refer back to this page often as we will continue to update it as new guidance becomes available from the SBA and the Department of Treasury.

Last Update 09/11/2020