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Paycheck Protection Program

Paycheck Protection Program

Updated: May 6, 2021

PPP Loan Forgiveness

The Small Business Administration (SBA) announced on May 4th that all of the Paycheck Protection Program (PPP) funding has been exhausted. With that program no longer accepting applications we are focusing our efforts on helping eligible customers submit their applications for forgiveness.

PPP borrowers have 8 to 24 weeks to use the loan proceeds from their PPP loan on eligible uses. In order to receive remittance (loan payoff) from the SBA, borrowers need to complete the appropriate forgiveness application below and submit it to their lender. The first link is the Interim Final Rule on Loan Forgiveness Requirements, which contains all of the details related to the program, including loan forgiveness.  The next three links are each of the three forgiveness applications.  NOTE: The vast majority of borrowers will complete PPP Loan Forgiveness Application Form 3508S, as this is the application for PPP Loans of $150,000 or less.  

•    PPP Loan Forgiveness Application Form 3508S (All loans of $150,000 or less)
•    PPP Loan Forgiveness Application Form 3508 
•    PPP Loan Forgiveness Application Form 3508EZ 

 
For more information and updates, visit SBA.gov/PPP or Treasury.gov/CARES