PPP Forgiveness Application & Process
** UPDATE As of 08/01/2021 **
With the passage of The Economic Aid to Hard Hit Small Businesses, Nonprofits, and Venture Act, loans of $150,000 or less will be granted forgiveness with the following information:
- A signed and submitted 1-page application providing:
- A description of the number of employees retained because of the PPP loan
- Estimated amount of PPP loan spent on payroll costs
- Total loan amount
- Borrower attests to:
- The information is accurate
- The borrower complied with the requirements of the statute
- The borrower will retain records that prove compliance as follows:
- Employment records – 4 years after application
- Other records – 3 years after the application
- The SBA will retain the right to audit and review these loans.
New <$150,000 Application Form:
To download PPP Forgiveness Application form 3508S Click Here
If your PPP Loan is GREATER than $150,000, please proceed as follows:
There are two options to apply for forgiveness for loans > $150,000. Please read through the following checklist to determine which application form to use.
☐ 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 none of the three boxes above applied:
To download PPP Forgiveness Application form 3508 click here
If you checked at least one of the three boxes above :
To download PPP Forgiveness Application form 3508EZ 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:
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
Kassie Rhodes krhodes@dartbank.com
Kim Harless kharless@dartbank.com
Michelle Carpenter mcarpenter@dartbank.com
Questions? Please email us at PPPforgiveness@dartbank.com
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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