Read This First
Before you get started, we should go over a few very important things that will determine how you proceed.
Please read everything on this page carefully and follow all of the instructions. It could save us both a lot of time down the road.
After this tab, go through the rest of the tabs on this page in order. They include some detailed instructions and walk-through videos you should watch before you start. Trust us, they’ll help.
On the last tab, we’ll take you to the application and get to work.
Remember: The deadline to apply is 10 months after the end of your covered period.
How Forgiveness Works
The rules have changed often, but we’ve kept you up to date on how forgiveness works and what you need to do to prepare. You can review the basic overview of forgiveness using the link below.
What You Need to Know About PPP Forgiveness
PPP Forgiveness FAQ
Three Applications
There are three different forgiveness applications: 3508(full), 3508EZ, and 3508S, which is for loans of $150,000 or less. The EZ application is short and easy to complete. The full application is longer, more complicated and includes more forms and schedules to fill out. The 3508S application is for loans of $150,000 or less and is the simplest of all, requiring very little information and, for some, no documents to upload.
The application you can use depends on the size of your loan, how your business has been affected by the pandemic and the decisions you made around staffing levels and wages.
It is important to note that if you and your affiliates took more than one PPP loan for more than one business, you cannot use the 3508S application if those loans total more than $2 million for either the first or second draw loans.
All applications require you to collect and submit the right documentation. Here is a list of what you will need.
Most borrowers will be able to use either the EZ or 3508S application, but you should be absolutely sure which ones applies to you before you start. Our online application system will help you decide which one to use.
We have also created two separate calculator tools to help you fill them out: one for the EZ and another for the full. The 3508S application for loans of $150,000 or less does not require a calculator to be uploaded. They will ask you for some basic financial information around payroll and non-payroll expenses and then give you the numbers you need for the application.
How do I know if I need to use the EZ, full or 3508S?
The online application starts with a few questions designed to help you choose the right application. Depending on your answers, it will automatically choose the right one for you.
You can use the 3508S application if your PPP loan was $150,000 or less and if the total of all PPP loans to you and your affiliates was under $2 million for either the first or the second round.
In general, you can use the EZ application if you:
- Can certify and prove that your employment levels stayed the same, or
- Can certify and prove that reductions in employment levels were due to a drop in business because of the pandemic, or
- Can certify and prove that wages stayed the same or weren’t reduced by more than 25 percent
- Are a self-employed individual, independent contractor or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the loan application form
Before you get started, think through these questions. If you can’t certify and prove one of the above points, go ahead and use the full application.
If the EZ and 3508S cover many borrowers and are a lot easier to fill out, why can’t I just start with that one?
It’s tempting to try to use an easy application first, but you need to be absolutely sure before going down that road. After you submit your application, we will review it. If we find that you have filled out the EZ but don’t actually qualify for it, we’ll have to ask you to start over and fill out the full. Save yourself time and avoid raising any red flags in your application process. If you think you need the full, go ahead and use it.
Click the next tab to see how the application will work.
Need help or have questions? You can reach out to your financial advisor or call our Small Business Client Service Center.
As a reminder, the certifications as well as the burden to show eligibility and entitlement to forgiveness falls solely on the borrower and the owners thereof per the CARES Act, rules and guidance issued thereunder, the applications, and our loan docs., as do the significant penalties if any issues arise with regard to a borrower’s participation in the PPP program. Accordingly, we encourage you to review the PPP rules and regulations on the Treasury website. Additionally, the tax rulings on forgiveness, including announcement 2020-12, are included on the IRS website.
Legal Disclaimer: The information provided herein does not, and is not intended to, constitute legal advice; instead, all information is for general informational purposes only. Information contained herein is subject to change and may not constitute the most up-to-date information. It is recommended that you contact your attorney to obtain advice with respect to any particular legal matter, and you should not act or refrain from acting on the basis of information contained herein without first seeking advice from your attorney. Only your individual attorney can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. All liability with respect to actions taken or not taken based on the contents hereof are hereby expressly disclaimed. The content herein is provided "as is;" no representations are made that the content is error-free.