Step 2: Preparation Process
Please follow the steps below in the order they are listed.
Gather and prepare supporting documentation
Below is a list of the documents that you will be required to gather, scan to your computer, and upload to the application portal before submitting your application for forgiveness.
- Remember your Cover Period can not start prior to your disbursement date
- Bank account statements (Important: Please highlight your payroll items on the statement), or third-party payroll service provider reports, documenting the amount of cash compensation paid to employees
- Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period
- Payroll tax filings reported, or that will be reported, to the IRS (typically form 941)
- State quarterly business and individual employee wage reporting and unemployment insurance tax filings
- Payment receipts, canceled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that you included in the forgiveness amount.
- You will need to provide documentation on your Full-Time Equivalent (FTE) Employees. For further detail please refer to the definitions tab (tab 2) on the 3508 Spreadsheet.
- Business mortgage interest payments: copy of the lender amortization schedule and receipts or canceled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments
- Business rent or lease payments: Copy of current lease agreement and receipts or canceled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments
- Business utility payments: Copy of invoices from February 2020 and those paid during the Covered Period and receipts, canceled checks, or account statements verifying those eligible payments.
PPP Loan Forgiveness Spreadsheet
- Download the PPP Loan Forgiveness Calculator here. You must use this spreadsheet in order to calculate the amount of loan forgiveness for which you are eligible. You will be required to upload a completed spreadsheet into the application tool.
- Follow the step-by-step instructions within the spreadsheet, gathering the related supporting documentation you referenced while filling it out. There are seven (7) tabs in the spreadsheet.
- As you complete each tab in the spreadsheet, the Est Forgiveness Calculator tab will auto-populate and calculate your estimated forgiveness. If you believe that you qualify for 100% forgiveness please make sure the Estimated Forgiveness Amount is equal to your PPP loan amount.
- Once you have filled out the spreadsheet in its entirety, save the file in an easy-to-remember place. We recommend you also print the Forgiveness Summary Sheet tab of the spreadsheet as a backup. The information on this page will be used to fill out the online application.
- For customers who need assistance in calculating Salary/Hourly Wage Reductions or determining if they met the FTE Safe Harbor Determination, we have provided a supplementary spreadsheet to help with those calculations. This is not required to be submitted as part of your forgiveness application, but as a tool to help answer some of the questions. Download the Supplementary Spreadsheet here.
- You have now completed the work to prepare for your PPP loan forgiveness application.
Online Forgiveness Application
- The link below will take you to the forgiveness application portal. Your username and password are the same you used for your initial application for a PPP loan.
- Use the Forgiveness Summary Sheet from tab 4 of the completed spreadsheet to complete the application
- Click on the Market Place tab on the home page of the application
- Upload all required documents from section one and the completed spreadsheet
- Scroll to the bottom of the page and click submit
Following these instructions should result in a complete and accurate application. We are always here to help, however.
Contact your Relationship Manager for assistance.