Paycheck Protection Program
PPP Applications Now Closed
The SBA Announced on May 4 that PPP funds have been exhausted and the program is now closed to new applications. If you have any questions, please contact the lending officer or branch team member with whom you have been working.
We are accepting applications for forgiveness on your Paycheck Protection Program (“PPP”) loan.
To obtain a link to begin your forgiveness application, please contact your local branch or relationship manager. Below are details on the forgiveness process and the forms available in our portal.
3508S - If your loan was $150,000 or less, the application will default to the Form 3508S. With the 3508S you are not required to upload supporting documentation EXCEPT you must upload your Revenue Reduction Supporting Documentation if you are requesting forgiveness on a Second Draw Loan. See below for guidelines for Revenue Reduction Documentation.
3508EZ – To access this form you must determine your eligibility. You must check one of the eligibility boxes to make this form available for selection. Review the eligibility criteria and if you are eligible check the appropriate box to unlock the form. If not, you will need to use Form 3508. With the 3508EZ, you must upload all documentation to support the eligible expenses you on the application.
3508 – If you are not eligible for the 3508S or the 3508EZ, you must completed this form. You are required to upload all documentation to support the eligible expenses you list on the application.
REMEMBER: To be eligible for full forgiveness you must spend at least 60% of the PPP funds on Payroll Expenses. Also, Your covered period can be any date between 8 weeks and 24 weeks from the disbursement date on your loan.
Revenue Reduction Documentation Requirements: The following are the primary sets of documentation Applicants can provide to substantiate their certification of a 25 percent gross receipts reduction (only one set is required):
- Quarterly financial statements for the entity. If the financial statements are not audited, the Applicant must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the Applicant must annotate which line item(s) constitute gross receipts.
- Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. The Applicant must annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions).
- Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a tax return for 2020, the Applicant must fill out the return forms, compute the relevant gross receipts value (see Question 5), and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the entity’s tax return.
If you need any assistance, please call 1-888-300-0110.