Paycheck Protection Program Loan Forgiveness

Paycheck Protection Program (PPP) Loan Forgiveness

We’re committed to helping our impacted customers. For businesses who have received a PPP loan, we encourage those borrowers to apply for loan forgiveness.

Which form do I use?

The Department of Treasury has provided guidance as well as resources such as the forgiveness application forms and instructions.

  • SBA Form 3508

  • SBA Form 3508EZ
    This form can be used if you meet any of the below:

    • Borrower is self-employed, independent contractor or sole proprietor with no employees and did not include employee salaries in the PPP loan; OR

    • Borrower did not reduce payroll by more than 25% during the covered period and borrower did not reduce the number of employees; OR

    • Borrower did not reduce payroll by more than 25% during the covered period and borrower was unable to operate during the covered period at the same level of activity

  • SBA Form 3508S
    This form can be used if the loan amount is $50,000 or less and the total of all affiliate PPP loans is less than $2 million

 

What needs to be included with the application?

For each forgiveness form, there are accompanying instructions that list the required supporting documentation for both eligible payroll and eligible non-payroll expenses.

 

What is the deadline for submitting?

Borrowers have the life of their PPP loan to apply for forgiveness. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and borrowers will begin making loan payments to their PPP lender.

 

Who do I submit the form and documentation to?

Submit the forgiveness form and documentation to your PPP lender. Submit any additional documentation as requested in a timely manner.

 

What happens after submission?

The lender has up to 60 days to submit the completed forgiveness application and supporting documentation to the SBA. The SBA then has up to 90 days to review and remit payment. Usually the forgiveness applications are processed much quicker than the maximum allowed times.

 

Who do I contact for questions?

If you received your PPP loan through Emprise Bank, please contact 855.383.4301 for any questions.

If you received your PPP loan through our lending partner, Kabbage, please sign into your dashboard for updates on loan forgiveness. The Kabbage customer support can be reached at 888.351.3143.