SBA account login and registration portals If you have additional questions, this step-by-step guide and frequently asked questions below can help you prepare for completing your PPP loan forgiveness application. You may now apply for forgiveness of your 2021 PPP loan. This simple form requires you to provide less information and the processing time may also be shorter than other forms. Specifically, the definition of payroll costs under the CARES Act excludes "taxes imposed or withheld under chapters 21, 22, or 24 of the Internal Revenue Code of 1986 during the covered period" (defined as February 15 - June 30, 2020). Rehiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020. Thus, it isn't the total employer tax expense as traditionally defined. Please Begin the Application Process by clicking the link below. Refinances of existing SBA loans are excluded. SBA can request a loan review for up to 10 years past the date of your maturity, regardless of loan status. My loan has been purchased by SBA (guaranty purchased.) Payments will be based on the remaining portion of your 24- or 60-month term at a 1% interest rate, and the loan must be paid in full by the maturity date stated in your Note. Yes, but our digital forgiveness application will auto-populate the SBA number, loan number and lender number for you. A separate forgiveness application must be submitted for each PPP loan. You can find detailed information on the SBA and U.S Treasury page websites. Login to Your Forgiveness Application PortalActivate Your Account Popular Questions Interest begins to accrue the date the funds were disbursed to the borrower. You'll either use: Form 3508S. My loan agreement says I should apply for forgiveness within 60 days of funding. You will be required to repay any portion of your loan that does not qualify for forgiveness. You should consult privacy disclosures at the linked website for further information. Copies of all lease agreements for real estate and tangible personal property along with proof of payment during the 8-week period 6. Payments made to suppliers of goods essential to the operations of the business under contracts in effect before the origination of the loan. At least 60 percent of the PPP loan proceeds should be spent on payroll expenses and no more than 40 percent of the loan forgiveness amount can be attributable to non-payroll expenses (e.g., mortgage interest, rent, utility payments, covered operations expenditures, covered property damage costs, covered supplier costs or covered worker protection expenditures). However, you have the option to detail and provide documentation of nonpayroll costs if you so choose. Benefits include a simplified application and no supporting documentation required in most cases. We use technologies, such as cookies, that gather information on our website. Loan forgiveness is not automatically granted. Yes, there are several situations where a reduction in FTE would not be counted against you. Borrowers may use their average employment over the same time periods to determine their number of employees, for the purposes of applying an employee-based size standard. There are no portal invitations to apply for forgiveness on a 2021 PPP loan. Paycheck Protection Program (PPP) | First Financial Bank Certain restrictions apply to refinancing options and are subject to program terms. Additionally, if the SBA requests more information one of our verification specialists will be in touch. What is the difference between my Regions Loan Number and SBA Loan Number? If you received a PPP loan through U.S. Bank, we sent an email to you with a personalized link to access our application portal. If you cannot recall your login credentials, please email us at hb-pppquestions@fnb-corp.com . SBA PPP Forgiveness:: These include: You should refer to the SBA Form 3508 instructions for details about FTE reduction exceptions. Access to our loan forgiveness portal will be granted through a direct email. SBA 7(a) Loans & ERC - NEWITY LLC Quarterly financial statements for the entity. Regions Bank has now enrolled in the SBA's Direct Forgiveness Portal. Submit the forgiveness form and documentation to SBA or your PPP lender: Depending on whether your lender is participating in direct forgiveness, complete your loan forgiveness application and submit it via the SBA direct forgiveness portal or via your lender with the required supporting documents. What types of decisions can you make on my forgiveness application? For seasonal businesses, the applicant may use average monthly payroll for the period between February 15, 2019, or March 1, 2019, and June 30, 2019. After registration, you may use this streamlined process to automatically submit your forgiveness request to your lender. All borrowers, regardless of PPP loan amount, must submit an application (SBA Form 3508, 3508EZ, or 3508S, as applicable) in order to request loan forgiveness. Millions of borrowers are feeling collective disappointment. We've helped over 120,000 businesses access over $11.4 billion in funding. If you complete your application after you start making payments and receive a forgiveness determination that exceeds your outstanding principal balance, a settlement process will occur for any overpayment. If the borrower appeals a final SBA loan review decision, payments of principal and interest on the remaining balance of the PPP loan will not be due until OHA issues a final decision on the timely appeal. Paycheck Protection Program Check the file type. Payments for any business software or cloud computing service that facilitates certain business operations. Within 30 days of notice from Regions, the borrower may notify the lender that it is requesting that the SBA review the lender's decision. PPP Loan Forgiveness Details - Chase You will have to request loan forgiveness from your lender and provide documentation to verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. All supporting documentation is required to submit the forgiveness application. The amount of forgiveness of a PPP loan depends on the borrowers payroll costs over an eight-week or 24-week period; when does that eight-week or 24-week period begin? PPP borrowers with loans $150,000 or less are invited to apply directly with SBA through their PPP Direct Forgiveness Portal. PPP loans cover payroll costs, including family and sick leave. July 3, 2023, 9:29 AM PDT. You may select anyone as the authorized representative to complete the forgiveness application. The actual amount of the forgiveness will depend, in part, on your use of all of the loan funds for forgivable purposes and whether you maintained employee and compensation levels during the required periods. 10 months after the end of the maximum covered period of 24 weeks, if the borrower has not applied for forgiveness by that time, unless SBA determines that the loan is not eligible for forgiveness (in whole or in part). How is the PPP Loan forgiveness amount calculated? Under current guidance, the SBA will not accept loan forgiveness applications submitted by a borrower that has fully repaid its PPP loan. The eight-week or 24-week period starts on the date your lender makes a disbursement of the PPP loan to the borrower. The new PPP loan forgiveness portal will begin accepting applications from PPP borrowers on August 4th of 2021. When is the deadline for applying for loan forgiveness? Is that still necessary? This includes equipment leases. Employer state and local taxes paid by the borrower and assessed on employee compensation (e.g., state unemployment insurance tax), excluding any taxes withheld from employee earnings. Where can I find information from the SBA regarding PPP Forgiveness? What happens if PPP loan funds are misused? Americans say student debt forgiveness plan ruling strikes - Fortune To troubleshoot accessing your loan portal, please attempt to clear your internet browser cookies and cache and try again. The following information is from the PPP Borrower Information Sheet published by Treasury on March 31, 2020. 1. A portal where SBA borrowers can view loan details, make payments, and access statements for COVID-19 EIDL, disaster, or SBA-serviced 7(a) loans. SBA launches PPP direct forgiveness portal as program winds down Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during the Covered Period or Alternative Payroll Covered Period. information. privacy policies and security at the linked website may differ from Regions privacy and security Beyond the PPP, we have small business experts who can assist you with virtually . These emails require action in order to fully process your application. PDF PPP Loan Forgiveness Application Form 3508S Revised July 30, 2021 How can I apply for PPP loan forgiveness with Regions? If the forgiveness review process may take multiple months, will I have to make loan payments during that time? Paycheck Protection Program Loan Forgiveness FAQs Only compensation for employees whose principal place of residence is the United States is eligible for forgiveness. You can find a description of the types of tracking technologies, and your options with respect to those technologies, by clicking Learn more below. Otherwise, payroll costs must be paid during the covered period. What is considered a covered property damage cost? What is the loan forgiveness "covered period"? The SBA instructions will help guide you through the Safe Harbor calculations. On Wednesday, the SBA unveiled its forgiveness portal, a technology platform through which borrowers with PPP loans of $150,000 or less--which account for 95 percent of all such loans issued. Can a seasonal employer pay more than the Covered Period cap of either $46,154 for a 24-week period or $15,385 for an 8-week period to a single employee during the Covered Period or Alternative Payroll Covered Period if the annual pay does not exceed $100,000? Is there a cap on annual salary when considering payroll costs? Mortgage interest payments for mortgages originated prior toFebruary 15, 2020. Yes. My loan agreement says that I must start making monthly payments after six months, but the PPP Flexibility Act states I have longer. Payroll costs are considered incurred on the day that the employees pay is earned. Following are situations where additional documentation or disclosures are required. Costs related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that were not covered by insurance or other compensation. If borrowers have not applied for forgiveness within 10 months. What documentation will be required to demonstrate the 25% revenue reduction? All other items, such as subcontractor costs, reimbursements for purchases a contractor makes at a customer's request, investment income, and employee-based costs such as payroll taxes, may not be excluded from gross receipts. Copies of payroll reports for each pay period 3. How much of the loan forgiveness amount can be attributed to non-payroll costs? How will interest be accrued on my PPP loan? What are the circumstances under which a lender may request guaranty purchase? In addition to this new platform, the SBA is setting up a customer service team to answer questions and directly assist borrowers with their applications. SBA PPP Platform If you sell your business before completing the loan forgiveness process, you may jeopardize your forgiveness claim. Yes. The refinancing criteria includes: In evaluating a borrowers eligibility, a lender may consider whether a seasonal borrower was in operation on February 15, 2020 or for an 8-week period between February 15, 2019 and June 30, 2019. Should I fill out the SBA paper application? You can choose any of the following: For each employee, follow the same method that was used to calculate Average FTE on the PPP Schedule A Worksheet. The SBA's PPP Forgiveness Portal Is Here, but Will Banks Opt In? If the file size is greater than 35MB, you can separate the file into multiple files and attempt to upload again. Considering activity from that period would be a more accurate reflection of my businesss operations. This does not absolve the borrower from the debt still owed to SBA. An applicant that was not in business from February 15, 2019 to June 30, 2019 may use the average monthly payroll costs for the period January 1, 2020 through February 29, 2020. Based on current SBA guidance, the SBA will pay the bank the loan forgiveness amount, plus any accrued interest on that amount, through the date of payment. SBA stopped accepting new PPP loan applications on May 31, but over 6.5 million PPP loans of $150,000 or less have not yet been forgiven. We recommend that you continue to watch for updates. Applying for PPP Loan Forgiveness - Synovus Looking for answers about 2021 PPP loans? In summary, your loan funds can be used for the following business-related expenses: To determine whether your loan forgiveness amount is subject to reduction due to a decrease in average weekly FTE during your covered period (only applicable to borrowers applying for forgiveness using Form 3508), you must select a pre-COVID reference period to make the necessary comparison. Regions must also notify the borrower of a final SBA loan review decision, including an SBA loan review decision on forgiveness (whether approving or denying forgiveness in full or part), as well as remittance by SBA to Regions of the loan forgiveness amount, whether partial or full. The borrower must notify Regions of the appeal so that Regions can extend the deferment period. Paycheck Protection Program Loan Forgiveness Center Yes. If I have an EIDL Loan, how does my PPP Loan affect it? SBA PPP Forgiveness::Signup - Small Business Administration However, actual times may vary widely and could be significantly longer than the SBA's estimate. All Rights Reserved. PPP Loan FAQs | Chase for Business | Chase.com This portal is made available by the US Small Business Administration to streamline forgiveness processing for PPP Borrowers. Following the completion of our review, we will submit a decision on your loan forgiveness application to the SBA for their final review; we will also notify you of that decision. A service for the distribution of transportation refers to transportation utility fees assessed by state and local governments. You may contact your banker to make this update. All payments are deferred for 6 months, however, interest will accrue over that period. The PPP Loan has a fixed interest rate of 1% and is due in 2 years. From our submission date, the SBA has up to 90 days to provide us with the final forgiveness amount. The promissory note for the PPP loan will state the term of the loan. You can stop the use of certain third-party tracking technologies that are not considered our service providers by clicking on Opt-Out below or by broadcasting the global privacy control signal. If completing a Form 3508S you may not need to submit any supporting documentation. Payroll costs are considered paid on the day that paychecks are distributed, or you originate an ACH credit transaction. You may need to wait for statements to be issued in order to submit your application. Interest accrual begins on the date of disbursement. Additionally, during the review process of the supporting documents that you provide, you may receive a direct email from one of our Verification Specialists. Yes, you can apply for forgiveness up to your maturity date regardless of the status of the loan with SBA. The covered period begins on the loan disbursement date and ends on any date the borrower chooses that is between eight and 24 weeks after the disbursement date. What time period should borrowers use to determine their number of employees and payroll costs to calculate their maximum loan amounts? Regions does not monitor the linked website and has no responsibility PPP Loan Forgiveness Details. Expenditures made to facilitate compliance with federal, state or local guidance pertaining to sanitation, social distancing or any other worker or customer safety requirement related toCOVID-19during the period betweenMarch 1, 2020and the end of the national emergency declaration. This may include payroll costs, full-time equivalency (FTE) employees, and non-payroll costs documentation. Copies of cancelled checks, statements or other evidence of utilities paid during the 8-week period. You must have reached the end of your covered period before applying for loan forgiveness. Can I still apply for forgiveness? If my loan is $150,000 or less, do I still need to submit an application? Our PPP loan forgiveness portal is now open and includes a simplified forgiveness application for PPP loans of $150,000 or less. We expect to start inviting 2021 borrowers in mid-May. Gross receipts do not include the following: taxes collected for and remitted to a taxing authority if included in gross or total income (such as sales or other taxes collected from customers and excluding taxes levied on the concern or its employees); proceeds from transactions between a concern and its domestic or foreign affiliates; and amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight forwarder or customs broker.