SBA Paycheck Protection Program (PPP) Loan Forgiveness

We want to make the SBA PPP loan forgiveness process as easy and convenient as possible for our customers. With that in mind, there are two ways for our PPP borrowers to apply for SBA PPP loan forgiveness based on the PPP loan amount.

Regardless of your SBA PPP loan amount, you must select your covered period, and loan forgiveness must be submitted within 10 months of the end of your covered period.

Covered Period

Both options start on the day the loan is dated and may not extend beyond 12/31/2020.

  • Option 1: the 24-week (168-day) period beginning on the PPP Loan Disbursement Date
  • Option 2: if the PPP loan was received before June 5, 2020, the borrower may elect to use an eight-week (56-day) Covered Period.

Alternative Payroll Covered Period

Borrowers with biweekly or more frequent payroll schedules may elect to delay the start of the 24-week or 8-week Covered Period until the first day of their first pay period following the PPP Loan Date.  Borrowers that elect to use the Alternative Payroll Covered Period must apply the Alternative Payroll Covered Period wherever “the Covered Period or the Alternative Payroll Covered Period” is listed and must use the Covered Period described above wherever “the Covered Period” only is listed.  In no event may the Alternative Payroll Covered Period extend beyond December 31, 2020.

Please consult with your accountant or tax advisor for tax implications, if any, of applying for loan forgiveness. 

Loan forgiveness for loans over $50,000

If you received a PPP loan for more than $50,000, your application for forgiveness will be processed through a separate web-based portal. Our PPP borrowers should have received a unique link via email from onlineapplications@wolterskluwer.com to begin the forgiveness application process. (If you have not received your login information, please check your junk folder.) You will need to verify the legal business name, SBA loan number, and email address when accessing the portal for the first time. 

How to apply for loan forgiveness for loans $50,000 and under 

To apply for forgiveness for loans $50,000 and under, please complete SBA Form 3508-S. We recommend reviewing the SBA loan forgiveness instructions prior to filling out Form 3508-S. Here are some helpful hints to help ensure you receive the maximum loan forgiveness amount. 

1. Print the SBA Form 3508-S.

2. Gather all required documentation.

3. Calculate your SBA PPP loan forgiveness.

4. Complete SBA Form 3508-S application with your signature. You will need the below information. Please contact your Relationship Banker if you need help.

  • Legal business name
  • Business tax identification number (TIN)
  • Email address
  • PPP loan number
  • PPP loan disbursement date

5. Upload a scanned copy of the completed, signed SBA Form 3508-S along with your supporting documentation.

Submit Now

We are committed to reviewing and processing PPP forgiveness applications as quickly as possible. Should you have any questions regarding the status of your application, or need help please contact your Relationship Banker.