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PPP Forgiveness

PPP Forgiveness
You can submit for forgiveness of your PPP loan using one of three SBA applications (3508S, EZ or Standard). To help determine which application you should use based on your business's individual circumstances CLICK HERE.
 
If you already know which application process you will be following, please download the corresponding materials to use as a guide as you gather all necessary documentation. Given the complex documentation requirements and tax implications (including those related to the Employer Retention Credit), we recommend that you seek assistance from your accountant or financial advisor. For second draw loans in excess of $150,000, you must submit your forgiveness application for the first draw loan before or simultaneously with the second draw forgiveness application. Please refer to the program rules and the application instructions for additional details.
 
 PPP Forgiveness FAQs

SBA  3508S Forgiveness
 
SBA EZ PPP Forgiveness
 
SBA Standard PPP Forgiveness
*Important Note for Non-Profits: Recipients of federal and state grants should be aware that grant contracts typically prohibit the use of multiple funding sources for the same cost. As such, your level of PPP forgiveness may be impacted if grants were utilized to support expenses that were also eligible for payment with PPP loan proceeds. If this applies to your organization, we strongly recommend that you consult with your accountant to determine the proper allocation of any grants and the best approach for calculating costs eligible for forgiveness. This will help prevent you from jeopardizing important funding sources for your organization.

 
Questions?
Please contact your Loan Officer or email ppp@pentucketbank.com.

 


PPP Forgiveness  - Loans Up To $150,000

Newly updated guidance has been released by the SBA regarding the PPP Forgiveness process.  A new application is available for borrowers with loans up to $150,000 (so long as the total amount of PPP loans to all affiliates totals less than $2 million).
 
Guidance to borrowers who have already applied:
  • If you have already sent a forgiveness application for a loan up to $150,000 and we have notified you that we are processing it: You do not need to do anything. Your application is being reviewed and we will follow-up if we need any more information. 
 
  • If you have already sent a forgiveness application for a loan up to $150,000 and we have notified you that we need more information: You can decide to complete the 3508S application instead. This will simplify your application process. Please notify us of your intent to do so and we will update our records.

PPP Forgiveness Quick Tips

When should I apply for loan forgiveness?
You can apply as soon as you have used all of the loan proceeds for which you are requesting forgiveness. Typically this means that you have had payroll and/or other qualifying expenses that total or exceed your loan amount. Remember that all borrowers now have the option to use a 24-week covered period. This is an option that was added to the original 8-week qualifying period.
 
What if I need to use more than 8 weeks, but less than 24 weeks to qualify?
That’s fine. Any period between 8 weeks and 24 weeks is allowed.
 
Are any borrowers eligible for automatic forgiveness?
There is currently no automatic forgiveness available and the Bank is unaware of any imminent legislation that would provide it. Borrowers must submit an application in order to request forgiveness of their PPP loan. So, we suggest you apply once you have qualifying expenses for full forgiveness. We will communicate with you if any further changes are released.
 
How do I apply for forgiveness?
Visit our online forgiveness portal which will help you determine which application you need to complete, provide a list of required documentation, and guide you through the process of uploading information for our review.
 
Please refer to our FAQs document if you have additional questions. You may also reach out to your loan officer or email ppp@pentucketbank.com