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Updates

Updated PPP Loan Information

We remain committed and ready to help our clients and community through this second round of funding!

We encourage potential second round PPP borrowers to review recent information and guidance released by the SBA:

Top-Line Overview of First Draw PPP

Top-Line Overview of Second Draw PPP

Guidance on Accessing Capital for Minority Underserved Veteran and Women Owned Business Concerns

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance | U.S. Department of the Treasury

Paycheck Protection Program Updates 

 

IMPORTANT INFORMATION FOR PPP BORROWERS:

Please be aware of third-party companies contacting PPP borrowers to utilize their fee-based services for forgiveness application processing. It is at the borrower's sole discretion to use these services; however, this is not necessary to process your application. Commencement Bank offers a free software solution for borrowers applying for forgiveness.

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COMMON QUESTIONS AND SOLUTIONS FOR COMMENCEMENT PPP CLIENTS

Below are a few common questions and answers for Commencement clients applying for a second draw PPP.

For more detailed questions, please contact GGL@commencementbank.com or your Commencement banker at 877.284.1880.  Please be patient while awaiting a response as we are navigating a large volume of inquiries. 

Click here for a list of commonly asked questions and solutions.

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ROUND ONE PPP FORGIVENESS INFORMATION

IF YOUR EXISTING PPP LOAN AMOUNT IS $150,000 OR LESS:

The SBA recently released a new PPP forgiveness application for borrowers with loan amounts of $150,000 or less (SBA form 3508S). This new forgiveness application requires fewer calculations and less documentation compared to forms 3508 or 3508EZ. Borrowers are still required to retain documentation for proof of eligible PPP expenses.

3508S:

https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S-Instructions.pdf



IF YOUR EXISTING PPP LOAN AMOUNT IS GREATER THAN $150,000:

If your PPP loan is greater than $150,000, we recommend filing your forgiveness application as soon as you are ready. If you choose to file now, please review the 3508 and 3508EZ instructions to determine which application you are eligible for.

3508 long form:

https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Instructions_1_0.pdf


3508EZ:

https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf


If you have not accessed the online forgiveness portal, or need your access to the portal reset, please email GGL@commencementbank.com and we will resend your access link. Written instructions for the different PPP applications and digital training videos are available within the portal to assist you.

We understand this process can be challenging. We remain committed to keeping you informed on new program updates. If you have any questions, please reach out to our Government Guaranteed Lending Division at GGL@commencementbank.com.

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