Your loan may be eligible for forgiveness, meaning you may not be responsible for repayment of the loan, if you use all the funds for forgivable expenses within 24 weeks following the origination date of your PPP loan. U.S. Bank will follow Small Business Administration (SBA) guidance to determine the amount that is forgivable and will require an application with supporting documentation and/or certifications, depending on the amount of your PPP loan.
Yes, Congress continues to consider changes to the program as part of broader COVID-19 relief programs. When we receive new guidance or legislation is enacted, we will make any necessary updates to our loan application, loan agreement, and forgiveness application process. The most recent changes occurred on December 27, 2020.
The covered period is the time in which businesses must incur or pay expenses to be considered for forgiveness. Your covered period starts on the date of loan disbursement and lasts from 8 to 24 weeks.
Note: the alternative payroll covered period does not apply to non-payroll expenses, such as mortgage interest, rent, utilities, covered operations expenditures, covered property damage costs, covered supplier costs and covered worker protection expenditures.
We are temporarily closing our forgiveness application portal to new applications as we address the new program rules. We expect that the closure may last several weeks. We encourage you to consult your accountant or legal counsel on how these new rules may impact your business. Please watch your email as we will communicate more information in the coming weeks.
The latest date you can apply for loan forgiveness is the maturity date of the loan, but you will need to start making payments before then. You will have until 10 months after the last day of a 24-week covered period to apply before you must make the first payment.
Following the completion of our review, we will submit a decision on your loan forgiveness application to the SBA for their final review; we will also notify you of that decision. From our submission date, the SBA has up to 90 days to provide us with the final forgiveness amount. When the SBA renders their final review results, we will let you know. Additionally, if the SBA requests more information one of our verification specialists will be in touch.
Yes. The amount of loan forgiveness can be up to the full principal amount of the loan and any accrued interest. The actual amount of loan forgiveness will depend on if the qualifying criteria is met. You will be required to repay any portion of your loan that does not qualify for forgiveness.
No. We request that you do not attempt to submit the paper forms from the SBA. Through our digital forgiveness application portal, we are able to auto populate and pre-fill fields from your loan. You will be notified when you are eligible to apply for forgiveness and provided directions on how to access our forgiveness portal. Please contact your banker if you have questions or would like to submit a request for early access.
Yes, but our digital forgiveness application will auto-populate the SBA number, loan number and lender number for you.
No, with the extension of the covered period to up to 24 weeks, and additional changes to the forgiveness rules, you do not need to apply within 60 days of funding.
A borrower may select anyone as the authorized representative to complete the forgiveness application. Once designated, the representative will receive all communications regarding the application going forward. You may contact your banker to make this update. Please note that an individual’s signature as an “Authorized Representative” is a representation to us and the U.S. government that the signer is authorized to make the certifications contained in the application.
No, you can only submit one forgiveness application. Our portal allows you to save your progress; however, a full application, including required documentation, must be completed and submitted through our digital portal before it can be reviewed. You’re encouraged to apply as soon as you have collected the required documentation.
If you have an application in process that has not yet been submitted to the SBA, we will continue to process your application unless you inform us that you would like to withdraw your application and reapply using Form 3508S. We have sent an email to those customers impacted with instructions on how to notify us.
Yes. All borrowers, regardless of PPP loan amount, must submit an application (SBA Form 3508, 3508EZ, or 3508S, as applicable) in order to request loan forgiveness.
All supporting documentation is required to submit the forgiveness application. You may need to wait for statements to be issued in order to submit your application.
The digital forgiveness application will present you with questions to determine which form you’re eligible to use. If you’re eligible for the 3508EZ or 3508S, you will automatically be presented with that experience.
The 3508S streamlined process includes a shorter application. In addition, those that qualify may receive full forgiveness even if they reduced staff or reduced wages and salaries during the covered period. Also, while the SBA does not require borrowers to show the calculations used to determine the forgiveness amount, the SBA may still perform a review of the requested amount based on submitted supporting documentation.
Customers with PPP loans of $50,000 and less. However, if you and your affiliates have PPP loans totaling $2 million or more, you’re ineligible to use Form 3508S.
The SBA’s PPP Forgiveness Platform began accepting lender submissions on August 10.
You will not have to make any payments on your loan until we receive the SBA’s decision on your application for loan forgiveness. Once you have submitted your complete forgiveness application, the review process can take as long as 150 days – 60 days for U.S. Bank to complete the lender review process and up to 90 days for the SBA to complete their review under the current guidelines. If you do not submit an application for loan forgiveness within 10 months after the last day of the covered period, you must begin making payments on your loan at that time.
All loans are subject to the updates from the PPP Flexibility Act, regardless of the loan agreement language. Therefore, as long as you submit an application for loan forgiveness within 10 months after the end of your covered period, loan payments will be deferred until we receive the SBA’s decision on your application.
You will be responsible for interest accrued on the portion of the loan that does not qualify for loan forgiveness. Interest accrual begins on the date of disbursement.
No. Under current guidance, the SBA will not accept loan forgiveness applications submitted by a borrower that has fully repaid its PPP loan.
Additionally, during the review process of the supporting documents that you provide, you may receive a direct email from one of our Verification Specialists. Reference this guide for more information about our secure email. These emails require action in order to fully process your application.
To troubleshoot accessing your loan portal, please attempt to clear your internet browser cookies and cache and try again. Also, ensure that you are using the passcode provided to you in the most recent text message and not one from a prior message you received.
If you get a blank screen when entering the portal, notice that buttons are missing from the portal or you are experiencing issues when creating document placeholders, you may want to use a different web browser. The portal functions best in Google Chrome. Visit google.com/chrome to download. You can also try accessing the portal from a different computer or device.
If you suspect fraud, contact us immediately at 877-595-6256. We are available 24 hours a day, 7 days a week to help protect you.
The application process for the SBA PPP loan will be online. There will be no need to call U.S. Bank or visit one of our branches. For assistance, you may send an email to our dedicated team at email@example.com. They will be available to respond to questions related to this program and the application process. Additionally, if you work directly with a U.S. Bank Business Banker, you may contact them for additional guidance.
Subject to credit approval and program guidelines. SBA loans are subject to SBA eligibility guidelines. Certain restrictions apply to refinancing options and are subject to program terms. Refinances of existing SBA loans are excluded.
Financing maximums and terms are determined by borrower qualifications and use of funds. U.S. Bank and its representatives do not provide tax advice. Consult an advisor regarding a particular financial situation. Credit products are offered by U.S. Bank National Association.
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