August 31, 2020
To help you better understand and comply with the rules and requirements of your Paycheck Protection Program (PPP) loan, we are sharing information from the U.S. Treasury and other resources. Check back often for updates.
PPP Loan Forgiveness Application
We realize many of you are looking to start the forgiveness process for your company’s Paycheck Protection Program (PPP) loan. The media coverage regarding the SBA’s forgiveness process has been significant. Unfortunately, Congress still has not acted on numerous bipartisan proposals designed to make your forgiveness request and our decision-making and reporting process simpler. Despite this, we are ready to accept and review PPP loan forgiveness applications and documentation for completeness should you want to move forward at this time.
Simply visit the U.S. Treasury Department’s webpage to obtain the appropriate forgiveness application and related instructions.
Complete the appropriate application (SBA Form 3508 or SBA Form 3508EZ) per the instructions. Once completed, you may submit this information by contacting your SBA PPP loan officer. You are encouraged to do this only if you are sure of 100% forgiveness of your loan according to the instructions.
For many of you though, it may make sense to continue to wait to see what type of action Congress takes. The proposed bipartisan bills, if passed, may significantly reduce the complexity of, and documentation requirements for, forgiveness of smaller dollar PPP loans (specifically $150,000 and under but possibly as much as $2 million and under). Of course, if you decide to wait, we will notify you should Congress pass new forgiveness legislation that impacts you.
We’re Here to Help
If you have questions about your PPP loan or any of the information in this email, please contact your Commercial Loan Officer.