Paycheck Protection Program (PPP) Loan Forgiveness
We will continue to update this page as more information is released by the SBA.
Please consult with your legal and tax advisors to determine the best time for you to apply for loan forgiveness.
PPP Loan Forgiveness: New Applications Have Been Paused
The Consolidated Appropriations Act of 2021 includes provisions that will further simplify the PPP loan forgiveness application process for loans of $150,000 or less. We are currently updating our PPP loan forgiveness platform to support the SBA changes and have temporarily paused accepting new applications while the system work is being completed.
We expect to begin accepting new applications for forgiveness on or about February 1, 2021. Please check back here for updates.
Once the platform is reopened, please note the following:
- PPP loan forgiveness applications will only be accepted through our online application system.
- We will provide an updated invitation to eligible customers when the simplified application process becomes available.
- If you have already submitted an application for PPP loan forgiveness, we will continue to process your application. If you have any questions regarding your loan forgiveness application in progress, please call 1-866-908-7083.
- You have up to ten months after the end of your covered period to apply for loan forgiveness before loan payments are due. Your maximum covered period is 24 weeks from your PPP loan origination date. Please consult with your legal and tax advisors to determine the best time for you to apply for loan forgiveness.
For more information on PPP loan forgiveness, please visit the SBA website.
Loan Forgiveness Required Documents
We have provided links below to the SBA’s loan forgiveness application instructions for reference as you prepare your supporting loan forgiveness documentation. Please note you will be required to apply for loan forgiveness through our online application portal.
SBA's Forgiveness Form 3508S
Form 3508S applies only to borrowers with PPP loan amounts of $50,000 or less.
SBA's Forgiveness Form 3508EZ
Form 3508EZ applies to borrowers who meet any one of these three criteria:
- Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
- Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excluding laid-off employees who refused an offer to return).
- Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.