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:
ROUND ONE PPP FORGIVENESS INFORMATION:
IF YOUR EXISTING PPP LOAN AMOUNT IS $50,000 OR LESS:
The SBA recently released a new PPP forgiveness application for borrowers with loan amounts of $50,000 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 submit documentation for proof of eligible PPP expenses.
The SBA is not yet accepting 3508S applications. To best prepare for your submission, please review the 3508S instructions and start gathering the required documentation. Once our forgiveness application portal is available to accept 3508S applications, a new application link will be sent to qualified borrowers (loan amounts of $50,000 or less).
IF YOUR EXISTING PPP LOAN AMOUNT IS GREATER THAN $50,000:
If your PPP loan is greater than $50,000, we recommend filing your forgiveness application as soon as you are ready. It is still undetermined if the SBA will provide a separate forgiveness application for loans greater than $50,000 but less than $150,000. If you choose to file now, please review the 3508 and 3508EZ instructions to determine which application you are eligible for.
3508 long form:
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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