Jump to main content

Paycheck Protection Program (PPP) Loan Forgiveness

We are pleased to assist you on the loan forgiveness step of the SBA Paycheck Protection Program (PPP). As you know, the PPP allows for all or a portion of the loan and accrued interest to be forgiven if the proceeds are used for eligible payroll and certain non-payroll costs.

On June 16, 2020, the SBA, in consultation with the Department of the Treasury, released a revised PPP loan forgiveness application (“Application”) which implements the changes from the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to a revised full Application, the SBA has issued an abbreviated “EZ” Application which simplifies the process for certain borrowers.

As a result of these releases, we are now accepting Applications for loan forgiveness. In order to expedite the processing of your Application, we strongly encourage that you submit your Application using one of the three online application processes outlined below. While the Bank will accept email or paper Applications, these are not preferred methods and may delay the processing of your Application.

To begin the process, we recommend that you print this checklist along with a copy of the relevant Application and instructions. Please read the instructions thoroughly, and work through the entire Application before beginning the submission process outlined below.

If you need assistance completing the Application, we recommend contacting your accountant or tax advisor. As always, you may contact your Baker Boyer Advisor with any questions.

OVERVIEW OF ONLINE APPLICATION AND SUBMISSION OPTIONS

Option 1:  Automated FULL Application and Submission

Option 1 is for the FULL Application that was revised June 16, 2020 and may be used for either an 8- or 24-week Covered Period. Features include:

  • Online data entry form
  • Autofill of Application pages required to be submitted, including calculations
    E-signature capability
  • Direct submission of your Application
  • Upload link for all supporting documents

This online tool—including calculations—is provided for your convenience. Each Applicant is responsible for double-checking and certifying all calculations, including the loan forgiveness amount.

Option 2: Automated EZ Application and Submission

The EZ Application simplifies the process but does not change the requirement to submit documentation to support eligible payroll and non-payroll expenses. The EZ Application may be used for either an 8- or 24-week Covered Period and is generally available to borrowers who are either: 

  1. Self-employed with no employees; or
  2. can certify they have not reduced the number of FTE employees AND have not reduced salaries or wages for any of their employees by more than 25%; or
  3. can certify they have experienced a reduction in business activity as a result of federal health directives related to COVID-19 AND have not reduced salaries or wages for any of their employees by more than 25%.

Features include:

  • Online data entry form
  • Autofill of EZ Application pages required to be submitted, including calculations
  • E-signature capability
  • Direct submission of your EZ Application
  • Upload link for all supporting documents

This online tool—including calculations—is provided for your convenience. Each Applicant is responsible for double-checking and certifying all calculations, including the loan forgiveness amount.

Option 3: Submission of Already Completed Application

Option 3 may be used to submit either the FULL or EZ Application. The process includes: 

  • Uploading your already completed Application (in PDF)
  • Uploading all supporting documents

Upon submission through any of the above options, you will receive an email confirmation that your Application has been received. Processing time will be dependent on the volume of Applications received by the Bank. The CARES Act allows the Bank 60 days to make a decision on the loan forgiveness amount once a complete Application has been received. The amount of loan forgiveness is not final until approved by both the Bank and the SBA.

Baker Boyer has retained a third-party to assist in processing your Application. You may receive emails from PPPLoanTeam@ProBank.com requesting additional information and/or clarification. To ensure emails do not end up in your Spam or Junk folder you may want to add the domain name (probank.com) and the above email address to your “Approved Senders List” (also known as “white-listing”).