Updated January 20, 2021
- SBA 3508S Form – One-page attestation for all loans $150M and under that did not experience a wage reduction or FTE reduction.
- SBA 3508 EZ Form – Shortened form for loans over $150M that did not experience a wage reduction or FTE reduction.
- SBA 3508 – Long Form is for clients that experienced a wage reduction and/or an FTE reduction.
In addition to the information and forms found in our toolkit concerning your application for PPP LOAN FORGIVENESS, it is important to know the following:
- Effective 12/29/2020 the SBA will no longer reduce the forgiveness amount by the amount of and EIDL, if applicable.
- For those forgiveness applications that have been processed and an EIDL loan existed, the SBA will be remitting payment back to us automatically in the very near future. If a PPP balance remains, we will simply pay down our loan balance accordingly and any excess remittance will be refunded back to the client. Additionally, if a client has paid off an EIDL for which the SBA remits a payment to the bank, we will refund the customer accordingly.
- The SBA will include accrued interest through the date of remittance. If a PPP borrower had paid off any balance in full or has been paying on their EIDL balance, we will have to make the client whole.
As you begin the Loan Forgiveness Application process, we realize that you may still have questions that need to be answered. We will do our best to answer them. To better assist you we ask that you submit your questions to your Relationship Manager in an email. This will allow us to track them as they come in and provide the assurance that your questions are not lost in translation. For those questions we cannot answer immediately, it will allow us to simply forward your question on to the SBA.
THANK YOU for your sincere cooperation to this process and especially for your patience as we attempt to be responsive to ALL our valued customers.
Stay safe and stay healthy!
John C. Dill
Executive Vice President Director of Business Banking