PPP Loan Direct Forgiveness Portal is Open
The SBA has launched a new way to apply for PPP Forgiveness for borrowers with a loan amount up to $150,000. We are proud to offer this solution as a service to help you reach full forgiveness. This application can be completed in less than 5 minutes by clicking here and following instructions provided by the SBA. Should you require assistance, you may access SBA PPP Direct Forgiveness customer service by calling 877-552-2692 or reach out to your Traditional Bank lender at 800-498-0414.
If your loan is over $150,000 or you prefer to work directly with your lender, below you'll find which PPP Loan Forgiveness application your business will be required to complete and what you may need to have ready when you apply.
Businesses with PPP loans $150,000 or less:
You will complete PPP Loan Forgiveness Application Form 3508S
Form 3508S is intended to keep the forgiveness process simple. It contains fewer calculations and requires you to make certifications regarding how you used PPP funds as required by law. You will not be required to submit supporting documents; however, the SBA does require that you retain all loan forgiveness supporting documents such as employment records/payroll and non-payroll documentation for a period of up to 4 years.
Application Form 3508S eligibility:
- You received a PPP loan of $150,000 or less
You can find more details and instruction about Form 3508S on the SBA website.
Businesses with PPP loans more than $150,000 that did not significantly reduce employees and wages
You will complete PPP Loan Forgiveness Application Form 3508EZ
Form 3508EZ can help streamline the application process for businesses and self-employed businesses with PPP loans more than $150,000 that upheld the spirit of the PPP and did not significantly reduce employees (not by more than 25%) or their pay during the covered period.
Application Form 3508EZ eligibility:
- Your business did not reduce the annual salary or hourly wages of any employee by more than 25% during the covered period AND you did not reduce the number of employees or average paid hours of employees, or;
- Your business did not reduce the annual salary or hourly wages of any employee by more than 25% during the covered period AND was unable to operate at the same level of business activity due to compliance with specific COVID-19 health and safety requirements or guidelines.
You can find more details and instruction about Form 3508EZ on the SBA website.
Businesses with more complex situations or those businesses that made significant reductions in employees and wages
You will complete PPP Loan Forgiveness Application Form 3508
Form 3508 helps businesses that have PPP loans $150,000 or more and made more significant employee reductions (more than 25%) and wages, or for businesses that may have more complex situations. The application is more complex than that of its peer applications (Forms 3508S and 3508EZ) and it requires multiple calculations and documents to be submitted and sent to the SBA.
Application Form 3508 eligibility:
If you are not eligible to complete form 3508S or 3508EZ, you are required to apply using the standard application.
You can find more details and instruction about Form 3508 on the SBA's website.
We understand that Form 3508 is more complex and requires multiple calculations. Don't worry, if you're a Traditional Bank customer, we've created the Forgiveness Assistant to help you through the standard application. The Forgiveness Assistant is required if you are applying for PPP loan forgiveness with us and you are not eligible to complete Forms 3508S or 3508EZ. You will need to download the Forgiveness Assistant, complete it, save it and then return it to your loan officer along with the signature page of the 3508 application.