BUSINESS LOANS

Paycheck Protection Program (PPP) Loan Forgiveness

As of May 31, 2021, the Small Business Administration PPP Funding Program expired and resources are now moving towards Forgiveness Application processing.

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

The SBA has published three versions of the Loan Forgiveness Application. The Forgiveness Application to be used depends on the specific circumstances of your COVID impact, type of business, loan amount, payroll and staffing levels. We have provided links to the form numbers below along with a brief description of eligibility. Detailed instructions on completing these applications are also available on the SBA website.

Loan Forgiveness Application

  • PPP 3508EZ: For borrowers who are self-employed with no employees OR borrowers who did not reduce employee salaries by more than 25% and did not reduce employee hours OR borrowers who reduced business activity due to COVID-19 health guidelines and did not reduce employee salaries by more than 25%

  • PPP 3508S: Borrowers who took out loans of $150,000 or less

  • PPP 3508: For borrowers who do not qualify to use Form 3508EZ or 3508S

Please gather/complete the above information and then give us a call at (877) 937-2328, and press 8. Team members are available Monday – Friday from 8:30 a.m. – 5:00 p.m.

Once you submit a completed request, it may take us up to 60 days to review it and send to the SBA, which may take up to an additional 90 days to review and authorize. Actual times will vary and you will be updated throughout the process. As always, we continue monitoring for new guidance and meeting with other banking and government officials to stay up-to-date on the latest information as it becomes available.

Business Loan Options:

Contact our Business Services Team for more information.

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