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Attention: If you are a sole proprietor Schedule F or Schedule C filer who received a first draw PPP loan after Jan. 1, 2021, please be sure you have allowed enough time to incur the appropriate amount of expenses to achieve full forgiveness of your PPP loan.

Example – If you are a sole proprietor with no employees who received a PPP loan for $20,833, that amount represented compensation to you. Your covered period will need to be at least 2 ½ months to have the loan amount covered 100% by your payroll expense and therefore receive full loan forgiveness. If you choose a covered period shorter than 2 ½ months, you will need to declare non-payroll expenses to achieve full forgiveness. We strongly recommend that you consult with your accountant before filing for forgiveness.

Step 2

The new 3508S forgiveness process has been made considerably easier than it once was but there are still some very important steps to remember:

  • Even though you are not required to upload your payroll and non-payroll expense documentation to complete the 3508S application, you should retain these documents in case the SBA requests them later. Below is a link with detailed information for calculating your loan forgiveness and the documentation that should be retained in case SBA requests it later. Click here to read about the SBA PPP 3508S documentation requirements.
  • As part of the PPP forgiveness application process, you will need to certify that your PPP funds have been spent on the required expenses. SBA does require that at least 60% of the PPP funds were used for eligible payroll expenses. ted spreadsheet to complete the 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.
    • After you have successfully logged into the application. click on the Market Place tab on the Home page of the portal to start the application process. From here you will select PPP Loan Forgiveness 1st Draw or 2nd Draw depending on the loan forgiveness you are applying for.

Following these instructions should result in a complete and accurate application. We are always here to help, however.

Contact your Relationship Manager for assistance.



AAC systems – including online banking – will be unavailable from Sept. 29 at 8 p.m. MT through Oct. 2 at 9 a.m. MT.

If you require assistance during this time, please call 800-869-6034 for support.