PPP Forgiveness Information
We know you have questions regarding PPP loan forgiveness. We are here to help.
Answering Your Questions on PPP Loan Forgiveness
What You Need to Know
Borrowers will not be required to make payments for at least 12 months from the PPP loan origination date, as long as the borrower submits its loan forgiveness application within 10 months of the completion of the covered period.
The initial review is expected to take approximately 2-3 weeks from the time that we receive your forgiveness application and all supporting documentation. Please note that the SBA has 90 days to respond once the bank submits your application.
Which PPP Application Should You Use?
For PPP loans under $50,000 and/or self-employed:
Download the SBA 3508S loan application here.
For PPP loans $50,000 - $150,000:
If you can attest to not reducing staff or wages by more than 25%, you are eligible to complete the S application.
Download the SBA 3508S loan application here.
Borrowers that cannot make that attestation will need to use the standard application.
Download the SBA 3508 standard loan application here.
For PPP loans over $150,000:
If you can attest to not reducing staff or wages by more than 25%, you are eligible to complete the EZ application.
Download the SBA 3508EZ loan application here(Opens in a new Window).. .
Borrowers that cannot make that attestation will need to use the standard application.
Recommended Documentation
New guidance dated January 19, 2021 states that loans over $150,000 require extra documentation. To see what is needed, reference the video or the list below.
Payroll Documentation
- Bank account statements or third-party payroll service provider reports
- Payroll tax forms (typically, Form 941) and state quarterly business and individual employee wage reporting
- Statements documenting the amount of any employer contributions to employee health insurance and retirement plans included in the forgiveness amount
- The average number of full-time equivalent employees on payroll employed on January 1, 2020 and at the end of the covered period
Non-payroll Documentation, from Feb 2020 through 1 month after the end of the covered period
- Business mortgage interest payments
- Business rent or lease payments
- Business utility payments
SBA Available Tools
Click here(Opens in a new Window) for the SBA newly released FAQ, dated October 13, 2020.
Please reach out to our PPP Forgiveness team at PPPforgiveness@bankofbartlett.com(Opens in a new Window).
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