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Borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement.
Funds covering qualified costs may be forgiven if at least 75% of the loan is used toward qualifying payroll costs. Any funds used for non-covered expenses WILL NOT be forgiven.
The SBA recently released the PPP Loan Forgiveness Application, which includes further information and resources to help make sure you qualify. In a nutshell, forgiveness is based on maintaining, or quickly rehiring, employees and salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
The loan forgiveness form and instructions feature several measures to reduce compliance burdens and simplify the forgiveness application process, including:
As more details continue to become available, we will update the information here.
The SBA recently published a new EZ version (Form 3508EZ) of the forgiveness application requiring less documentation and fewer calculations than previously required.
Form 3508EZ applies to borrowers who meet any one of these three criteria:
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
If you have already submitted a forgiveness application with the original application you do not need to submit a new application on the revised form.
Within a reasonable time following the end of the optional 8 or 24 week time period from your PPP loan origination date.
The loan number, date, amount and other information are on the Promissory Note document signed at the PPP loan closing, and in most cases emailed to you after the loan closing. If needed, you may request a copy of your loan documents by emailing PPP@citizenswv.com.
Citizens Bank will provide you will your SBA PPP number. Please email PPP@citizenswv.com to obtain your loan number.
Completed PPP Forgiveness Loan applications and supporting documentations are submitted to the SBA for processing within sixty days. Applicants will be notified via email regarding the approval status once we have received a response from the SBA.
Please direct your questions to PPP@citizenswv.com and we will be happy to assist you with your application process.