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November 23, 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 Loans $50,000 or Less: Streamlined PPP Loan Forgiveness Application
If you have spent all the proceeds of your PPP loan on forgivable expenses, consider completing and submitting your streamlined PPP loan forgiveness application. This two-page forgiveness application, Form 3508S, requires no calculations from you as the borrower. However, you will need to submit documentation verifying forgivable payroll and non-payroll expenses to us as your lender, and you must retain the documentation supporting the certifications you make in the forgiveness application for six years.
Find the forgiveness application form and its instructions at the links below.
PPP Loans Greater than $50,000: PPP Loan Forgiveness
While we have been awaiting legislative relief for forgiveness of PPP loans of $50,000 and higher, to date no additional legislation has passed. In the absence of that legislative relief, complete and submit your streamlined PPP loan forgiveness application if you have spent all the proceeds of your PPP loan on forgivable expenses.
If you have spent the entire proceeds of your company’s PPP loan and are ready to begin the forgiveness process, 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 3508EZ) according to the instructions and submit it with the required supporting documentation to your Commercial Loan Officer.
We’re Here to Help
If you have questions about your PPP loan or the information in this email, please contact your Commercial Loan Officer or email CommercialLending at bankHometown dot com. Again, we strongly encourage you to contact your accountant or other professionals to assist you with the application process. Submitting a complete and accurate application with all required supporting documents will provide you with a more efficient process and allow you to obtain the principal forgiveness you are expecting.
This is for informational purposes only and is not intended to provide tax, accounting, legal or financial advice with respect to the handling of your PPP loan.