SBA Paycheck Protection Program (PPP)
If you have been approved for a PPP loan and need to apply for loan forgiveness, please review the information below and click the orange button 'PPP Forgiveness Application' to begin the process. If you have any questions or need assistance with your PPP loan or the forgiveness application, please contact your relationship banker or one of our banking centers.
PPP Loan Forgiveness Update 9/15/2020
We are now accepting forgiveness applications via our online portal. Click the button below to access the portal.
Video tutorials for submitting your application:
PPP Loan Forgiveness Update 9/14/2020
On Tuesday, September 15, we will begin accepting forgiveness applications via our online portal. At that time, we will provide a link to access the portal on our website.
If you would like to be prepared in advance, review and complete the fields in the appropriate application below as this will make the transition to the online version quicker. To determine if you are eligible to apply for forgiveness using SBA Form 3508EZ, please reference this checklist provided by the SBA.
- Form 3508EZ (see 3508EZ instructions for borrowers, and go to Page 4 for a list of supporting documentation required to apply)
- Form 3508 (see 3508 instructions for borrowers, and go to Page 6 for a list of supporting documentation required to apply)
PPP Loan Forgiveness Update 6/17/2020
On June 17, the SBA and Treasury released a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5. In addition to revising the full forgiveness application, the SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, AND did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19, AND did not reduce the salaries or wages of their employees by more than 25%.
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form found below.
Both applications give borrowers the option of using the original 8-week covered period (if your loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
Calculator Template
Additional COVID-19 Resources
For information about hardship assistance programs offered by Level One Bank, and for the latest updates on banking center access and other resources, please visit our dedicated COVID-19 page.
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