PPP Forgiveness Application

PPP Forgiveness Application

PPP Forgiveness Application & Process

** UPDATE As of 10/9/2020 **
Simplified forgiveness application process for all PPP loans under $50,000
If your PPP Loan is $50,000 or Less, please proceed with proceed with Application Form 3508S below

Instructions

3508S Application Form

If your PPP Loan is greater than $50,000, please proceed as follows:

There are now two options to apply for forgiveness.  Please read through the following checklist to determine which application form to use.

You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using SBA Form 3508EZ if you can check at least one of the three boxes below. Do not submit this Checklist with your SBA Form 3508EZ.
☐ The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483).
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☐ The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period (as defined below) compared to the period between January 1, 2020 and March 31, 2020 (for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);
AND
The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period. (Ignore reductions that arose from an inability to rehire individuals who were employees on February 15, 2020 if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020. Also ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused. See 85 FR 33004, 33007 (June 1, 2020) for more details.
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☐ The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period (as defined below) compared to the period between January 1, 2020 and March 31, 2020 (for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);
AND
The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.

If you checked at least one of the three boxes above:

To download PPP Forgiveness Application form 3508EZ    click here

Instructions for form 3508EZ  click here

If none of the three boxes above applied:

To download PPP Forgiveness Application form 3508    click here

Instructions for form 3508     click here

  • Upon completion of Forgiveness Application, please select the Send Us Secure Email option at the bottom/right of this page, to send your application and supporting documentation to:

PPPforgiveness@dartbank.com 

Also, please CC your Dart Bank PPP Loan Officer from the list below.

Adam Goss agoss@dartbank.com
Devin Lavengood dlavengood@dartbank.com
Jeff Hicks jhicks@dartbank.com
John Morris jmorris@dartbank.com
Kassie Rhodes krhodes@dartbank.com
Kim Harless kharless@dartbank.com
Mark Howe mhowe@dartbank.com
Michelle Carpenter mcarpenter@dartbank.com

Questions? Please email us at PPPforgiveness@dartbank.com

Important reminders with PPP Flexibility Act (June 5, 2020) changes:

  1. Forgiveness Period: Instead of 8 weeks, PPP borrowers now have 24 weeks to spend loan proceeds and claim forgiveness for costs used in that period. Borrowers who receive their loan on or after July 16 have until December 31, 2020 to spend the loan proceeds. . ** If your PPP loan was prior to June 5, 2020, and you would like to opt for the 24-week coverage period, please email PPPforgiveness@dartbank.com and CC your PPP loan officer to request extension**

Borrowers may still elect to use the old 8-week period if they are ready to proceed with forgiveness process.

  1. Payroll Cost Requirement: Requirement to spend at least 75% of their PPP loan on payroll costs to obtain full forgiveness, has been reduced to 60%, and allows for up to 40% of loan proceeds to be spend on non-payroll costs.
  2. Loan Maturity: PPP loans made on or after June 5, 2020 will have a 5-year maturity, with an option for loans made prior to that date to extend maturity from two years to five years at the mutual agreement of the borrower and lender. ** If your PPP loan was prior to June 5, 2020, and you would like to opt for the 5 year maturity, please email PPPforgiveness@dartbank.com and CC your PPP loan officer to request extension.**

Resources and Links

US Treasury PPP – https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

SBA PPP – https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

CARES Act – US Treasury – https://home.treasury.gov/policy-issues/cares

Loan Forgiveness Interim Final Rule (06-05-2020)   https://home.treasury.gov/system/files/136/PPP-IFR-Revisions-to-First-Interim-Final-Rule.pdf

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