PPP Loan Forgiveness

Paycheck Protection Program (PPP) Loan Forgiveness

First Draw PPP Loan Full Forgiveness Terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

Second Draw PPP Loan Full Forgiveness Terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

The PPP Loan Forgiveness Application

Determine which application to fill out and submit to your Business Banker. The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements. Contact your Business Banker if you need guidance with choosing the correct form.

What To Expect With The Application Process

  • You will need to certify and document the PPP funds were used for forgiveness eligible expenses.
  • You will deliver your completed forgiveness application to your Business Banker. Upload Application and Documentation through our Secure Email.
  • Your Business Banker will review your application and if complete and clear up questions, if any.
  • Your Business Banker will submit your loan forgiveness application to the SBA within 60 days of receiving application.
  • The SBA will review your loan forgiveness application to determine the amount of your loan to be forgiven. Time anticipated for the review process is 90 days.
  • Your Business Banker will inform you when the forgiveness proceeds have been received.

Regularly visit the SBA website or www.treasury.gov for guidance and the most current updates.

If you have any additional questions, please contact your Business Banker.