Updated July 30, 2021
- SBA 3508S Form (updated 7/30/2021) – One-page attestation for all loans $150M and under that did not experience a wage reduction or FTE reduction.
- SBA 3508 EZ Form (updated 7/30/2021) – Shortened form for loans over $150M that did not experience a wage reduction or FTE reduction.
- SBA 3508 (updated 7/30/2021) – 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 regarding your application for PPP LOAN FORGIVENESS, it is important to know the following:
- Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (between 8 and 24 weeks). Once the 10-month deferment period expires and you have not yet sought forgiveness or a portion of your PPP loan was not forgiven, the bank will then begin to bill you for loan repayment. Monthly payments will be based on the applicable rate of 1% of the outstanding balance at time of deferment expiration and the time remaining to maturity of your PPP loan.
- 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