Loan Forgiveness for the Paycheck Protection Program
We understand loan forgiveness for your recent Paycheck Protection Program (PPP) loan is important to your business.
In anticipation of the SBA accepting forgiveness applications in mid to late August, we will soon begin emailing you links to our online forgiveness portal. At this time, we will only accept applications through our online portal.
Legislators are still working on revisions to parts of the law which could create a new, simpler process for many borrowers. For borrowers that the proposed bill could benefit we will email your link once lawmakers have voted.
While you wait for your email link to our portal we suggest that you familiarize yourself with the SBA’s Loan Forgiveness Form 3508EZ instructions and Form 3508EZ (the short form). Links to the SBA’s website for both are below:
For those that don’t qualify for the short form they will use Form 3508 (the long form). To familiarize yourself with this form and its schedule A and the schedule A worksheet please see the link below from the SBA’s website.
Both forms require documents to accompany them to support your claim for forgiveness.
The following documents may be used to verify the eligible cash compensation and non-cash benefits payments from the Covered Period or the Alternative Payroll Covered Period:
- A third-party payroll report
- Payroll tax forms (typically IRS Form 941) showing employee wages, tips, and other compensation
- Bank statements and cancelled checks
Certain non-payroll costs are also eligible for forgiveness. The date range for these documents must be from February 15, 2020 to one month past the end of the Covered Period. The following documents may be used to verify non payroll costs:
For business mortgage interest:
- Business mortgage interest payments
- copy of lender's loan ledger an cancelled checks
For business rent or lease:
Copy of current lease agreement and receipts or cancelled checks
Landlord account statements
For business utilities:
- Copy of invoices and cancelled checks
- Account statements