Paycheck Protection Program Loan Forgiveness Application
Applying for PPP Loan Forgiveness is Easy
Welcome to the online PPP Loan Forgiveness Application. Here you are able to submit forgiveness documentation included in the recent changes in PPP forgiveness guidelines.
This easy to use website allows borrowers time to prepare their required tax documentation as mentioned below and allow us to ensure the process meets the requirements of the SBA. Continue to check the portal frequently for updates and changes to the forgiveness program.
New Application Forms and Guidance
On June 16, 2020, the SBA released revisions of its Form 3508 Loan Forgiveness Application. The new form reflects changes enacted by the PPP Flexibility Act of 2020, including (but not limited to):
- Payroll cost requirement was lowered from 75% to 60%.
- If your SBA Authorization # was obtained prior to June 5, you now have an optional covered period of either eight or 24 weeks, not to extend beyond December 31, 2020. If it was obtained after, you will have a 24-week covered period, not to extend past December 31, 2020.
- If you select the 24-week covered period, Compensation for owners is capped at 2.5x monthly payroll for the 24-week covered period, or similar compensation from 2019, whichever is smaller. If you select the 8-week covered period, it is still limited to 2x.
- Additional Safe Harbor Certifications
The SBA has also released a new Form 3508EZ. This new form eliminates the need to complete Schedule A and the Schedule A Worksheet. The form is intended to be a simplified method for borrowers able to satisfy one of the following:
- Self-employed and have no employees.
- Did not reduce the salaries or wages of their employees by more than 25 percent, and did not reduce the number or hours of their employees.
- Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25 percent.
You may begin your process of applying for forgiveness online now. Simply enter your email address and loan number to get started.