SBA Paycheck Protection Program for Businesses Impacted by COVID-19
Answers to Your SBA PPP Forgiveness questions
Bank Independent has gathered resources on document collection, form submissions, and timelines in order to help you complete your application quickly and accurately.
On this page, you will find checklists, video tutorials, and more walking you through the calculations, supporting documentation, and and the application process.
Bank Independent is dedicated to providing our customers the most accurate SBA PPP loan forgiveness information as it is made available. At the current time, we do not recommend beginning the forgiveness process until all the SBA has finalized all details. When an approved process is adopted by the SBA, the bank will utilize an automated process through our technology partner Abrigo to offer an easier and more streamlined experience for the borrower.
Thank you for trusting Bank Independent to serve your business banking needs.
Bank Independent is pleased to pass along an update from the Small Business Administration announcing a modified SBA Paycheck Protection Program (SBA PPP) Loan Forgiveness Application Form 3508EZ and a three-page Instruction guide to the “EZ” SBA PPP loan forgiveness application. The SBA modified the new application form 3508 to reflect the recent changes made by Congress in the PPP Flexibility Act.
The new application requires less documentation and fewer calculations than previously expected. The “EZ” SBA PPP loan forgiveness application is designed for borrowers who meet any of the following three criteria listed below:
- Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
- Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).
- Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.
The SBA is not yet accepting forgiveness applications. We do not recommend beginning the forgiveness process until all the SBA has finalized all details, as the process and application could change. The bank will utilize and automated process through our technology partner Abrigo to offer a more streamlined experience for the borrower. In the meantime, you can refer to the following the trusted links below, to familiarize yourself with the existing applications and instructions:
UPDATED SBA PPP Forgiveness Guidelines Town Hall
We hosted a follow-up Town Hall to address new changes to the SBA PPP Loan Forgiveness Process on June 25. You can view the webinar in its entirety below. And, thank you for trusting Bank Independent with your business banking needs.
SBA PPP Town Hall
Bank Independent hosted a PPP Forgiveness Town Hall on May 21 to share with our customers and community what to expect with the forgiveness process and application. While the newly passed PPP Flexibility law does effect some of the details discussed, we hope this information is generally helpful.
If you have questions about your specific situation, we encourage you to consult with your accountant or tax adviser.
Thank you for trusting Bank Independent with your business needs.