COVID-19: Paycheck Protection Program
PPP Forgiveness – Latest Updates
For our business clients who received PPP funding from the SBA through BOK Financial, we look forward to supporting you throughout the loan forgiveness process. We are in the process of emailing our clients an invitation to apply for forgiveness through our digital application.
On Oct. 8, 2020, a new interim final rule (IFR) was passed by the Federal Government which means good news for many of our clients because it simplifies the forgiveness process if your PPP loan was $50,000 or less and the borrower and its affiliates did not receive PPP loans totaling $2 million or greater. If you meet those two criteria, you are no longer required to reduce the amount eligible for forgiveness if you reduced your full time-equivalent employees (FTE), or reduced your employees’ salary or wages. You may use the new form 3508S, which is very easy to complete.
We want to make sure you have all the information needed to navigate the forgiveness phase of the program, so that when you receive our invitation to apply via email, you will be ready to go.
- Review this checklist to ensure you have all of the necessary documents
- Review the naming conventions
- Review these helpful tips before you begin your application
- Review the slides covered in the Understanding PPP Forgiveness webinar
- Watch our helpful series of video modules compiled to guide you through the loan forgiveness process, to include the following topics:
- Qualifying for Form 3508 EZ
- Selecting a “covered period”
- Calculating payroll and non-payroll expenses
- Exceptions and safe harbors for employee and wage reductions
- Navigating the forgiveness forms
- Qualifying for Form 3508S
To help make sure important emails reach your inbox, please add our unmonitored sending addresses, firstname.lastname@example.org and email@example.com, to your email address book. Please be sure to periodically check your spam or junk folder for messages from us, as we cannot control the spam filtering policies of email service providers.
For additional information regarding the forgiveness of PPP loans visit: www.sba.gov