PPP Loan Forgiveness Application Resources

Certain other conditions, such as maintaining employment and wage levels, are met. ADP is a better way to work for you and your employees, so everyone can reach their full potential. See how we help organizations like yours with a wider range of payroll and HR options than any other provider. Manage labor costs and compliance with easy time & attendance tools.

• The 3508EZ simplified application and 3508 application are for loans over $150,000, and the appropriate application will be created based on answers provided in the application.
• If you do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and borrowers will begin making loan payments to their PPP lender.
• Therefore, it is recommended that borrowers retain this documentation for six years.
• Customers do not need to reach out to the bank for the shortened application form.
• If the number of FTEEs during the Covered Period or Alternative Payroll Covered Period is lower than the time period chosen, the amount of loan forgiveness may be reduced proportionately.
• See below for more information about PPP loan forgiveness reports that are available.

For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. Once received, we will send you an email from which will contain a personalized URL to your PBA Sageworks portal page. Needs to review the security of your connection before proceeding. If your PPP loan amount exceeds the SBA Direct Forgiveness limitation of $150,000,please apply through the Union Bank Business loan portal.

Frequently Asked Questions on PPP Loan Forgiveness

Since the beginning of the PPP, there have been multiple versions of interim final rules issued, safe harbors developed, guidance provided, eligibility revised, and loan forgiveness application forms produced. The PPP loan forgiveness process can be difficult involving significant amounts of varying types of data as well as required detailed calculations. Spend the loan proceeds, or incur qualifying costs, within applicable Covered Period or Alternative Payroll Covered Period. To obtain full forgiveness, loan proceeds must be spent within to the 8- to 24 week period immediately following disbursement of the loan . + To obtain full forgiveness, loan proceeds must be spent during the Covered Period or Alternative Payroll Covered Period.

• If you have additional questions, please submit a request to be contacted through our Contact me form.
• Our Best Practices and General Loan Forgiveness Guidelines blog outlines key elements for Round 1 and Round 2 PPP loans to help you prepare for the forgiveness application.
• The loan proceeds are spent, or qualifying costs are incurred, within the applicable Covered Period or Alternative Payroll Covered Period.
• Provide and retain required source documents for all Covered Period costs submitted for forgiveness.

What is the Ppp Loan Forgiveness Resource Center within which I must spend my loan proceeds to obtain full loan forgiveness? To obtain full forgiveness, loan proceeds must be spent within the 8- to 24-week period immediately following disbursement of the loan. The 3508S form eliminates the need for borrowers to demonstrate that they maintained wage and employment levels during the applicable covered period. Instead, borrowers will need only to demonstrate that they spent the loan proceeds on covered payroll (at least 60% of the forgiveness amount) and non-payroll costs. Borrowers can download the PPP Loan Forgiveness Payroll Costs report from their ADP system to submit to their lender with the 3508S form.

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Payroll costs incurred but not paid within the Covered Period or Alternative Payroll Covered Period must be paid by the next regular payroll date to be counted for forgiveness purposes. How will the determination of whether my business has maintained staffing levels be made? To determine whether staffing levels have been maintained, the average number of full-time equivalent employees during the applicable Covered Period or Alternative Payroll Covered Period will be compared to one of two time periods. Borrowers may either use the period from February 15 through June 30, 2019 or January 1 through February 29, 2020. If the number of FTEEs during the Covered Period or Alternative Payroll Covered Period is lower than the time period chosen, the amount of loan forgiveness may be reduced proportionately. After submitting your PPP loan forgiveness application, you should receive an email from DocuSign with the subject “Documents for your DocuSign Signature.” The email will prompt you to sign your forgiveness application electronically.

• Small Business Administration released new details on loan forgiveness for Paycheck Protection Program loan borrowers.
• This will be important for those businesses that let go of employees in March through April.
• We are a private business providing resources for small businesses, including resources for PPP loans.
• Should you need further assistance, please submit a request to be contacted through our Contact me form or call your assigned Union Bank Business Advisor.
• Lenders have 60 days to complete their review once a signed PPP loan forgiveness application with complete supporting documentation is received.

For assistance filling out the forms or if you have any questions please contact We recognize that it continues to be a difficult time for small businesses and we are working hard to support you. We invite you to learn more about Pursuit’s products and uses here. Form 3508S PPP Loan Forgiveness Application for loans of $150,000 or less. Employees (non-owners) who work Alternatively, you may average the hours paid per week, divide by 40, and round to the nearest tenth.

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Follow the on-screen instructions to complete the registration process and to begin the forgiveness application process. Additionally, federal agencies that provide disaster recovery assistance will never ask for a fee or payment to apply for financial assistance, and government employees do not charge for any recovery assistance provided. In the wake of emergency assistance available to help small businesses in response to the Coronavirus pandemic (COVID-19), the SBA is urging disaster loan applicants seeking federal aid to be alert to phishing campaigns and scams.