PPP Loan Forgiveness FAQs

The PPP loan forgiveness applications state an expiration date of 11/30/2020. Are we required to submit our forgiveness requests prior to 11/30/2020?

No. The SBA has stated that we are to ignore the expiration date. They plan to release new, updated forms with an advanced expiration date in the near future.

When is the deadline for submitting our loan forgiveness application and supporting documents?
Borrowers have the life of their PPP loan to apply for forgiveness, however, if you do not apply for forgiveness within 10 months after the end of your covered period, you would be required to begin making principal and interest payments at that time.
Where do I find the SBA PPP loan number?
We sent an email to the email address stated on each borrowers' PPP loan application form on August 10, 2020, which would have included your loan specific information needed to complete your forgiveness application form. If you cannot find this email, please email sbaquestions@intrustbank.com.
What supporting documents are required when submitting a PPP loan forgiveness request?
Each PPP loan forgiveness application form has an accompanying instructions document. Each respective instructions document includes a listing of the required supporting documentation for both eligible payroll and eligible non-payroll expenses. Here is where you will find the listing within each instructions document:
How do I know if I qualify to use the forgiveness application form 3508S?
If the PPP loan amount is $50,000 or less, and the total of all of your affiliate PPP loans is less than $2 million, you qualify to use the 3508S.
Are borrowers who use the form 3508S exempt from any reductions in the loan forgiveness amount based on reductions in FTE count and/or reductions in salaries or wages?
Yes. Borrowers using the form 3508S are exempt from any reductions in their loan forgiveness amount based on reductions of either their FTE count or salaries and wages.
How do I know if I qualify to use the forgiveness application form 3508EZ?
Page 1 of the 3508EZ instructions document is the “Checklist for Using SBA Form 3508EZ”. If you are able to check one of the three checkboxes on this checklist, you qualify to use the form 3508EZ.
If I reduced employee count during the covered period but restored a full FTE count by the end of my covered period, do I qualify to use the 3508EZ?
Yes. So long as your FTE count at the end of your covered period is greater than or equal to your FTE count at the beginning of your covered period, you qualify to use the form 3508EZ.
Will the SBA be releasing a streamlined process for PPP loans of $150,000 or less?
While there are several bills proposed in congress, we are not sure when, or if, they will be passed. Borrowers are welcome to apply for forgiveness now using the existing forms or they may wait to see if congress passes a more streamlined process in the future.
What covered period do I use? 8 weeks or 24 weeks?
Borrowers with an Authorization date on or after June 5, 2020 were automatically provided with a 24-week covered period. Borrowers with an Authorization date prior to June 5, 2020 were originally provided with an 8-week covered period but have the option to choose the 24-week covered period.
Why would I choose the 24 week covered period option vs. the 8 week covered period?
In most cases, borrowers are able to demonstrate that they paid out the full amount of the PPP loan proceeds in payroll alone over the 24 week covered period thus eliminating the need to provide nonpayroll expense supporting documentation. This meets the requirement that at least 60% of the PPP loan funds were used for payroll expenses.
I am self-employed and pay myself via the net income of my business. I do not file 941’s, only a Schedule C with my tax return each year. What supporting documentation am I required to provide for my payroll?
Since you pay yourself via the net income of your business, we would only need the 2019 Schedule C that you provided at the time of application to validate the use of your PPP loan funds to support your payroll expenses. This is considered owner’s compensation repayment.
What is the average turnaround time for the SBA to remit my forgiveness payment once you have submitted my forgiveness request to the SBA?
The SBA has 90 days from the date we submit your forgiveness request to them to review and remit payment. It is difficult to pinpoint a true turnaround time as we began submitting PPP forgiveness applications to the SBA on August 10, 2020 while the SBA did not begin reviewing any PPP forgiveness requests until the first part of October 2020.