PPP LOAN FORGIVENESS
As a community bank proudly supporting many small businesses throughout our footprint, we are committed to keeping our business customers informed about the Paycheck Protection Program (PPP). Additional guidance from the US Treasury and the SBA regarding the specifics for PPP Forgiveness is anticipated soon, but below are links to instructions and applications for borrowers to begin preparing for the PPP Loan Forgiveness process.
To assist our borrowers and customers to complete the calculations and provide the very specific documentation required to begin the forgiveness process, please note the following:
2. Please see the links below to access the PPP Loan Forgiveness Application Instructions.
WHICH APPLICATION FORM: 3508EZ OR 3508?
Businesses that meet the following guidelines may complete the 3508EZ Form:
- 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 from CDC related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%.
3508 Application Form
Businesses that DO NOT meet the guidelines outlined on the 3508EZ Instruction Form must complete the 3508 Form.
LOAN FORGIVENESS APPLICATIONS & INSTRUCTIONS:
WHAT SUPPORTING DOCUMENTATION SHOULD BE INCLUDED?
To begin the loan forgiveness process, specific supporting documentation is needed, including:
- Specific payroll document requirements that are detailed in either 3508EZ or 3508 instructions.
- Full-time equivalent (FTE) supporting information indicating the average number of FTE employees on your business payroll per month.
- Payroll tax filings (IRS form 941) for the period chosen (8 weeks OR 24 weeks).
- Non-payroll document requirements that are detailed in either 3508EZ or 3508 instructions (eligible payments from the 8- or 24-week loan covered period.)
PPP LOAN FORGIVENESS EZ INSTRUCTIONS (3508EZ)
PPP LOAN FORGIVENESS INSTRUCTIONS (3508)
RESOURCES & LINKS:
Armstrong Bank wants to provide you the most appropriate information to allow you to complete this important loan forgiveness process. Nevertheless, please know that Armstrong Bankers cannot provide advice on interpretation of the SBA’s rules or guidance for loan forgiveness or how these rules may apply to the particular circumstances of your business. Please seek the advice from your legal and/or accounting professional(s) if you are unsure about the specifics of your application. Please note that the information provided here is generally taken directly from the SBA and/or the SBA Paycheck Protection Program Loan Forgiveness Application and is posted solely for your use. It is not intended to be comprehensive or all-encompassing. Please consult the Small Business Administration
and/or U.S. Department of Treasury
PPP websites for information related to loan forgiveness and the PPP program. Guidance and rules directly from the SBA and/or the U.S. Treasury will supersede any information contained in this website or in anything that may conflict with the direct guidance mentioned.