For customers that have received an SBA PPP loan from Bank of Brodhead, we will be utilizing an online portal for the preparation of the SBA Application for Forgiveness (SBA 3508) as well as for uploading of supporting expense documentation. We expect the portal to be ready around mid-July. We will send you an email invitation to apply for loan forgiveness with a link to the portal. Please note that even though you receive the invitation to apply for forgiveness, it does not mean you need to apply immediately. Many customers will need additional time to gather required documentation or may choose to use the expanded 24-week period to expend their PPP funds.
The Treasury and SBA have created and published updated resources for borrowers regarding the program. You may find the following information helpful to you as you plan what expenses to pay with the PPP loan proceeds and any other actions you need to take to maximize your loan forgiveness.
- SBA Application for Forgiveness (SBA 3508)
- SBA Application for Forgiveness EZ (SBA 3508 EZ)
- To determine which application to use, we suggest you review the “SBA Application for Forgiveness EZ Instructions” to decide if you meet the qualifiers to use the “EZ” Application.
- Review the bottom of page 1 of the “SBA Application for Forgiveness Instructions” document for a Summary of Costs Eligible for Forgiveness.
- Depending on the complexity of your business, the SBA Application for Forgiveness (SBA 3508) may require very detailed records to process your application, specifically pages 4 and 5 of the “SBA Application for Forgiveness Instructions” document.
- It is especially important you carefully review pages 6 and 7 of the “SBA Application for Forgiveness Instructions” document, as it describes the documentation that will be required to forgive the loan.
Additional helpful resources on forgiveness:
- Interim Final Rule on Loan Forgiveness
- Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
- Interim Final Rule Revisions (6/17/2020)
- SBA Procedural Notice 5000-20038-508 (7/23/2020)
- PPP Loan Forgiveness FAQ's (8/4/2020)
We will continue to update our website at https://www.bankofbrodhead.com/sba-paycheck-protection-program with relevant information. Please continue to monitor your email inbox for additional updates and guidance. Should you have any questions about loan forgiveness, please reach out to your loan officer.