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Paycheck Protection Program
Paycheck Protection Program Loan Forgiveness:
Payments on Paycheck Protection Program loans will begin 10 months following the last day of the covered period of the loan. In order to continue to have payments deferred on your PPP loan, you must have your completed forgiveness application submitted prior to the date your first payment is due. If an application for forgiveness is received prior to the first payment due date, payment on the loan will be deferred until a forgiveness decision is rendered by the SBA. In order to have your loan partially or completely forgiven you must apply for forgiveness prior to the stated maturity of the PPP loan.
There are currently three forgiveness application options available for you to choose from based on criteria specific to your business. These forgiveness applications will be completed electronically through the Forgiveness Portal but please familiarize yourself with the eligibility and requirements of each form.
- Form 3508S is available to eligible borrowers if your loan is $150,000 or less. This form requires fewer calculations and less documentation be provided for eligible borrowers. The review time for this simplified form may be shorter than other forgiveness forms.
- Form 3508EZ is available if you do not qualify for the 3508S and are able to meet one of the two eligibility conditions detailed on the application. Please note page 4 of the instructions lists the additional supporting documentation that is required to be submitted to the bank with your 3508EZ forgiveness application. Please be sure to upload these required documents to our forgiveness portal along with your application.
- Form 3508 is available if you do not qualify for Form 3508S or 3508EZ.
PPP Borrowers with Loans of $150,000 or Less:
The SBA has launched a new way to apply for forgiveness for First and Second Draw loans and Bank Five Nine is pleased to offer this solution as a service to help you achieve loan forgiveness. The Direct Forgiveness portal can be found HERE. For assistance with SBA PPP Direct Forgiveness questions, please call the SBA’s customer service at (877) 552-2692.
2020 Paycheck Protection Program Loan Forgiveness:
If you received a PPP First Draw loan in 2020, you should have received an email to the email address listed on your original application inviting you to apply for forgiveness through our forgiveness portal with Fiserv. If your loan is under $150,000 you may also complete this application through the SBA’s Direct Forgiveness portal, found HERE.
2021 Paycheck Protection Program Loan Forgiveness For Loans Greater Than $150,000:
We are accepting 2021 Paycheck Protection Program Loan forgiveness applications for loans greater than $150,000. You should have received an email to the email address of record on 9/22/2021 inviting you to apply for forgiveness with our new forgiveness portal provider, Epic River.
For additional information on PPP loan forgiveness please visit the SBA website.
If you have questions or need assistance with the portal, please email us