Paycheck Protection Program(PPP) Loan Forgiveness Center

The information contained in this page is based on guidance issued by the U.S. Small Business Administration (SBA). The information on this page will be updated periodically, therefore we recommend that you visit this page frequently for the most up-to-date information.

• Review Form 3508 to identify if you’ll be using the Form 3508, Form 3508EZ, or if you borrowed $50,000 or less, review Form 3508S

• Select your Covered Period:
  • Loans funded before June 5^th, can choose the 8-week (56 days) or 24-week (168 days) period, or
  • Alternative Payroll Covered Period as the timeframe for incurred payroll costs (if applicable).
  • If the loan was disbursed June 5th or after the borrower will only have 24 weeks (168 days) period.

• Calculate your payroll costs:
  • If you borrowed $50,000 or less, review the PPP Loan Forgiveness Application Form 3508S
  • Review PPP Loan Forgiveness Application Form 3508 (PPP Schedule A Worskheet  - Tables 1 and 2) for detailed information.
  • For a list of eligible expenses reference pg. 2  “Summary of Costs Eligible for Forgiveness”, section outlined in  the Loan Forgiveness Application Instructions for Borrowers.
  • Calculate full-time equivalency (FTE) for loan forgiveness by referencing pg. 4 “Instructions for PPP Schedule A Worksheet”- section outlined in the  Loan Forgiveness Application Instructions for Borrowers.
  • For Borrowers that had more than a 25% salary wage reduction during the Covered Period or Alternative Payroll Covered Period, reference pg. 4 “Salary/Hourly Wage Reduction”, section outlined in the Loan Forgiveness Application Instructions for Borrowers.
  
  
• Prepare documentation
  • Gather documents that show how funds were spent during the Covered Period or Alternative Payroll Covered Period.
  • Scan supporting documents in PDF, PNG, JPEG, or TIFF  format under 25 MB,  to ensure you’re able to upload the documents onto the online client portal.

• In order to benefit from full forgiveness, at least 60% of your request amount must be for eligible payroll costs. The rest can be for eligible non-payroll costs.

• To access the online client portal, you’ll have to ensure that you’ve completed all of the steps outlined above.
• Contact your Relationship Manager directly to let them know that you’re ready to submit your PPP Loan Forgiveness application. Your Relationship Manager will send you a notification with a link to the online client portal for you to begin your online application.

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