The PPP loan forgiveness process is still evolving and while we expect the SBA will continue to tweak the rules of the program, we can share with you what we know at the present date. The SBA has provided forgiveness applications, form 3508 (regular form) and form 3508EZ (short form) along with instructions for the completion of each. The forgiveness applications and the instructions for each are available on the SBA website at the following links.
Please review the qualifications and certifications on the first page of the 3508 EZ application instructions. If you can check one of the three boxes on the first page of the 3508 EZ instructions, you may use the 3508 EZ application for submission. Otherwise, you should use the 3508 regular application. Please read the instructions closely before attempting to complete either application.
While the documentation requirements may vary, The SBA has provided minimal documentation requirements as part of each application package. Please refer to page 6 of the 3508 regular application instructions and page 4 of the 3508 EZ application instructions for details of the minimal required documentation. Peoples Independent Bank reserves the right to request further documentation, as needed, to aid in obtaining the maximum amount of forgiveness possible with each application.
We will attempt to streamline this process as much as we can but we ask that you remain patient as this process is new to all of us and is subject to change as the SBA updates their procedures. If you have questions regarding your application, please contact your local Peoples Independent Bank lender.