COVID-19: Paycheck Protection Program Forgiveness
Forgiveness of Existing PPP Loans
The “Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act” simplified the forgiveness process for loans less than or equal to $150,000 and added more eligible expenses, including certain property damage costs, supplier costs, and worker protection expenditures.
Please be aware that due to the high demand for PPP origination applications, there may be delays in the processing of PPP forgiveness applications. Additionally, we may require further documentation or clarification from you. Your cooperation in providing requested items in a timely manner will help us process your forgiveness application as quickly as possible.
For our business clients who received PPP funding, we will send you an email when we are ready to accept your application.
In order to process applications in a timely manner, we will be inviting clients to apply for forgiveness based on their PPP origination date.
For 2021 second draw forgiveness applications, please remember that you must wait a minimum of eight weeks after receiving funds before applying for forgiveness.
If you are already working with a Commercial or Private Wealth Banker, contact them directly to process your request.
Here is helpful information as you prepare to submit your forgiveness application.
- 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
- 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
Understanding PPP Forgiveness – Watch Now! COMING SOON: Updated version to include recent 2021 changes.
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
The foregoing is only a general summary, is not intended to be legal, tax, or business advice, and may be changed prior to enactment into law or by subsequent SBA regulation. Please consult your advisors to determine all matters of PPP eligibility and requirements.