Information Regarding the PPP Forgiveness Process
According to PPP rules, borrowers must submit a loan forgiveness application within ten months of the completion of the maximum 24-week Covered Period to avoid the loan entering repayment.
For example, a borrower who received a loan in April, 2020 and whose Covered Period ended on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.
For many borrowers, now is the time to start gathering the necessary documentation needed to complete the application. This page includes the resources and tools you’ll need to guide you through the process. Of course, we’re ready to help, too! We have a team of PPP loan specialists available to answer your questions and to help the process go smoothly. Just give them a call at 1-800-339-6573 ext 2586 or email PPPForgiveness@KennebunkSavings.com.
- If your loan is $150,000 or less, you may apply using Form 3508S. Form 3508S is a one-page certification with a minimal amount of information required. However, SBA may request information and documents as part of its loan review or audit processes.
- If your loan exceeds $150,000, you should use Form 3508 or, if you qualify, Form 3508EZ.
Forgiveness application checklist
Please use this checklist as you begin your loan forgiveness application. This fact sheet developed by the SBA is also extremely helpful. If you have any questions please reach out to your PPP loan forgiveness specialists at 1-800-339-6573 ext 2586.
Forgiveness expense worksheet
Please use this Forgiveness Expense Excel Worksheet to help with the PPP forgiveness validation process. If you have questions about how to use this worksheet, please reach out to our PPP loan forgiveness specialists at PPPForgiveness@KennebunkSavings.com or 1-800-339-6573 ext 2586.
This checklist will help you gather all required documents around payroll and employee documentation.
As always, we are here to help! If you have any questions or need help navigating the PPP process, please reach out to our to our PPP loan forgiveness specialists at 1-800-339-6573 ext 2586.
The following links will lead you to the updated applications and the current SBA PPP FAQ’s:
We strongly encourage you to explore all of the PPP resources available on the SBA and Treasury websites and to consult with your financial advisors or accountants as you negotiate the PPP and forgiveness process. There are a number of other articles, webinars, videos, and other resources available on the internet, however, we would caution you to always ensure you validate the information presented and separate opinions and interpretations from facts.
If you have been granted a PPP loan from an institution other than Kennebunk Savings, please refer to their website for additional details and instructions for the loan forgiveness process.
We are committed to being available to assist you as you navigate the PPP process and to help ensure your PPP financing transaction concludes successfully.
If you have any questions or need help navigating the PPP process, please reach out to our PPP loan forgiveness specialists at 1-800-339-6573 ext 2586.