Another important requirement is that you actually pay for these expenses during the “covered period”. This means that your PPP loan is forgivable to the extent you spend the proceeds of your loan on these two categories, provided you maintain the headcount and salaries of employees at the same pre-Covid-19 level, the loan will be forgiven. These include "Eligible payroll costs" and "Eligible nonpayroll costs". Will the bank provide direct access to the PPP Forgiveness Portal to others outside my company?Ī: The CARES Act lists two categories of expenses that are forgivable. The 3508EZ simplified application and 3508 application are for loans over $150,000, and the appropriate application will be created based on answers provided in the application.Ĭustomers are required to provide required supporting documentation for eligible payroll costs and non-payroll costs with the application. Therefore, it is recommended that borrowers retain this documentation for six years. The 3508S simplified one-page application is only allowed for PPP Loans of $150,000 or less.Ĭustomers do not need to submit supporting documentation with the 3508S forgiveness application, however, the SBA may request supporting documentation related to loan forgiveness amount calculations in the future. Customers do not need to reach out to the bank for the shortened application form. As customers complete the application in the forgiveness portal, it will automatically select the appropriate application relevant to a customer’s situation (and their certifications). The shortened applications do not result in a different forgiveness amount than the longer application process. Customers will answer and compete certifications for specific criteria for each application. These applications are available through the bank’s PPP Forgiveness online application. The SBA has also provided a shortened application (3508S and 3508EZ ) for applicants who meet certain criteria. Customer may select either (1) a 24-week (168-day) period beginning on the PPP Loan disbursement date, or (2) an eight-week (56-day) Covered Period. The deadline for applying for PPP Loan Forgiveness is ten months after the completion of the Covered Period. After completing the application customers must attach the required documentation to complete the forgiveness submission process. Our Online PPP Forgiveness Portal will open on Apto accept Forgiveness Applications for Round One PPP Loans.Ī: Customers will need to access the PPP Online Portal and complete the PPP Forgiveness application found in the left-hand navigation under marketplace. This law allowed certain hard-hit businesses to request a Second Draw PPP loan, expanded eligibility for PPP loans, and expanded the forgivable expenses for some PPP borrowers. It earmarked an additional $284 billion for a new round of forgivable PPP loans. On December 27, 2020, the Consolidated Appropriations Act was signed into law. The term of any loan approved after June 5th has also been extended to a minimum maturity of five years. The changes include an extension of the applicable coverage period for expenses from eight weeks to 24 weeks (or December 31, 2020, whichever is sooner) after the application is approved. This law provided additional flexibility to applicants and institutions. On June 5, 2020, the PPP Flex Act was signed into law. This package aims to replenish the available funds to get PPP Loans to our nation’s small businesses. On April 24, 2020, an additional package of $310 billion in funding was authorized for the Small Business Administration (SBA) PPP. The PPP authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. The Paycheck Protection Program (PPP) is part of the Coronavirus Aid, Relief and Economic Security Act or CARES Act, which provides $2 trillion of aid and stimulus for both individuals and businesses. Our PPP Forgiveness Portal is Open for All PPP Loans.
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