PPP Loan Forgiveness
We are pleased to inform you that the Small Business Administration (SBA) loan forgiveness* process is now live. You may now apply for forgiveness of your Paycheck Protection Program (PPP) loan. We understand how important this is to you and your business and we have worked to create an easy-to-use, online application experience.
*If you do not apply or are not approved for forgiveness, you will be billed for the outstanding amount of the loan per your Note.
UPDATE: On Tuesday, January 19th, the Small Business Administration (SBA) revised loan forgiveness forms for the Paycheck Protection Program. SBA also released an updated interim final rule on PPP forgiveness and a new conflict of interest disclosure.
How does the application work?
- Complete the Online Form to request forgiveness
- Upload the required information and supporting detail to accompany the form
- After you submit the form, it will be sent to StonehamBank for verification
- If there is missing information or additional questions, StonhamBank will contact you via email to supply the information.
- After the information submitted is verified, StonehamBank will submit your information to the SBA for approval.
- StonehamBank will notify you through email as soon as we receive a response from the SBA regarding your forgiveness request.
The Bank recommends that you engage an independent consultant if you are unfamiliar with the SBA PPP Loan Forgiveness requirements. StonehamBank cannot act as a consultant to its customers for this process. The Bank's role in this process is to review the PPP Loan Forgiveness request and inform a borrower if there is any missing documentation per the SBA and/or submit the information to SBA for approval.
Who should I contact if I have any questions?
If you have any questions, please contact the Payroll Protection Operations Team at 781-481-5721 or via email at payrollprotectionoperations at stonehambank dot com.
Please review the instructional videos below prior to starting the SBA PPP Loan Forgiveness process; these videos are here to assist you in starting the process.
Authentication & Application
Hello, and thank you for joining me as we walk through the online forgiveness request process for the paycheck protection program. Today, I will be covering how you will authenticate and complete the forgiveness request procedure. You will begin the process either through accessing a web address on your financial institution's website or they will be sending you an email, containing the proper web address. Here, you will be asked to fill out a few pieces of information in order to identify your business. First, you will be identifying your business email address, this will either be the email address that was used for your Paycheck Protection Program application or may be an email address that they have on file for you from prior business. Next, you will be asked for your tax identification number for your business, again this is the tax identification number from your paycheck protection program application. Lastly, the original amount of that PPP loan. This is prior to any paydowns you may have made. If you have any questions on any of these fields feel free to click into the tool tips, which will give you additional information about each field. Once you input all the information you may click, find my PPP loan, this will bring us to the forgiveness request. As you can see, all of your business information will be pre-filled. You will be able to expand upon this and make any changes if anything does looks incorrect. Additionally, we provided instructions on which forgiveness application to choose. The SBA has specified that a 3508 or a 3508EZ, may be used. If you need instructions on the 3508 or 3508EZ you can certainly click into each of these links and be brought to the SBA website. Here, you will find the full set of instructions, as they were laid out by the SBA. Back to the application, we are going to stick with the 3508EZ because the majority of the applicants have been using this, to this point. You noticed, in order to qualify for the 3508EZ you must satisfy one of the following three questions. If you have any questions about whether you qualify in each section, select the learn more and you can get the full explanation on what the SBA expects. For today’s demonstration, we will be saying yes, we did not reduce annual salary or hourly wages of any employee wages by more than 25% 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. Now, we may begin the application process. First, we are asked for annual sales. Will be displayed the original PPP loan amount, so this is brought in automatically by your financial institution. There are also additional fields that will be brought in by your financial institution, if they have it on file from the PPP loan application. Here, you can see the fourteen employees was pre-filled and we did say, yes we maintained the same number of employees, so we will go ahead and fill in fourteen. In this case, we did not have EIDL advance amount, but if you did please fill out the advance amount, as well as your EIDL application number. Choosing your payroll schedule will allow you to either use the standard covered payroll period or an alternate covered payroll period. Choosing monthly, you will not be offered the alternate covered period with a timeframe of less than that, you will be offered so that is coincides with your payroll schedule. In this case, I am going to say that I did not receive an excess of two million dollars through multiple affiliates. We do need to disclose our total payroll costs. Mortgage interest, if any. Rent or lease payments and utility payments. Once you entered that information you will notice that we calculated a forgiveness amount. This is an estimated amount that we expect to receive from the SBA. We are also calculating a forgiveness gap, which is what we expect the remaining loan balance to be. Keep in mind, these are just estimates, at this time. Once we hear back from the SBA we will have the final amounts. As I shown earlier, pay close attention to the learn more links, they will allow you to see exactly the calculations that have been done and provide additional information on what is eligible for payroll, mortgage interest, lease and so on. Okay, now that all the fields properly filled out, let’s take a look and confirm that all the information for the authorization signer is correct. The email address that we have disclosed here, will be used for any email communication. You will need to input your social security number and this is mainly used for the eSigning, that will come later. Please also certify to the eSign consent and loan forgiveness borrower certification. You have the ability to open each of these. Review everything you are certifying to. You are also able to email them to yourself, so that you have this for future review. We know that this will be an iterated process, so we have made a save button available. We expect you may come in to fill out four to five answers and may have to save this off. You can come back into the authentication page, put in your information and come back in to start where you left off. Feel free the save link. Now that we have everything inputted, let’s on go ahead and submit. This brings us to the supporting document upload phase. As you notice, across the top there is a timeline that lets you identify where you are in the process. We have completed the authentication and the forgiveness application, which has calculated the forgiveness amounts. We are now in the upload process, which will continue into the financial institution review, signatures by yourself, as well as the financial institution and finally SBA processing. We will be reviewing the remaining stages of the review process in future videos. Thank you for taking the time today to go through the authentication and forgiveness request procedure.
Hello, thank for joining today, as we walk through the online forgiveness request process for the paycheck protection program. This is the second video in the series. I will be covering the supporting documents phase of the process. If you joined us for the first video, as soon as we finish the forgiveness request process, we were brought into the document upload phase. In addition to that, you will receive an email, to the email address you have disclosed to your financial institution, that will bring you to that same status page, as well as the document upload. Here is a very similar email to what you will have received. As you see, there is a link to the status page. Clicking into the status page will bring you directly into the document upload. If you have not logged in recently, you will need to authenticate, once again. As previously mentioned, you will have a status bar across the top of your screen, which will keep you up to date of where you currently stand in the process. As you go through the uploading of documents, please keep in mind there is help tech throughout the application. Starting here where we have a link to the SBA website, which will give you clear complete instructions to what is expected for your uploads. In addition to that, we also have tool tips that in line, which will help you understand what is eligible for each type of document that you must upload. There are eight types of files that will assist your financial institution in determining in whether if you are eligible for forgiveness. We have cash compensation, tax forms, health insurance and retirement contributions, average number of full-time employees, mortgage interest payments, rent or lease payments, utility payments, and other documents. Each of this categories allows you to upload a single or multiple page documemt into their respective folders. There is a drag and drop feature, as well as a browse feature. Each document or image that you upload can be up to 35 mega bytes. You may have multiple 35 mega bytes files, but the SBA is limiting each individual file to 35 mega bytes. Let us begin uploading the documents for this forgiveness request. First, we will deposit the cash compensation. As you can see the file has been uploaded and will give you notification once complete. We can move on to tax form, health insurance, full-time employees, business rent and lease. In each section, you are not required to upload documents, if they are not applicable. In this case I have uploaded the rent and/or lease payments, but since I do not have a mortgage, I am not uploading any mortgage interest payments. Lastly, let us upload the business utilities. Once complete, we can go ahead and submit for review. Please keep in mind we expect this portion of the application to also be iterative. If you leave this page and come back in the future to upload additional documents, everything you uploaded thus far will be saved within the platform. The next time you are ready to upload documents, you will use that same email, that you received previously, selecting the link. Once you authenticate you will be able to come in and upload additional documents. Keep in mind you are not able to delete any documents. If there was anything erroneously uploaded you will need to reach out to your financial institution. Let us go ahead and submit for review. Once submitted, you will be brought back to the screen that will give you the status. As you noticed, we have gone through the calculation process, the upload process and now it is in the bank review process. The documents that you just submitted are going to your bank along with the application, so that their teams can review the application and ensure it is correct. Your financial institution does have 60 days to review this documentation. They may make additional requests of you, if the application does not seemed to be filled out properly or any of the documents that have been uploaded, do not match the application. If either of this occur expect an email from your financial institution with instructions on how to proceed. If at anytime you would like to check on the status, within the 60 day period, you can always log back in to the platform to see the current status. You may also review your supporting documents you uploaded, as well as the estimated forgiveness amount and estimated remaining balance. Thank you once again for joining me to cover this supporting document phase of the forgiveness request process.
Thank you for joining me in the third installment of the forgiveness request process, for the paycheck protection program. Today we will be walking through how to sign your SBA documents, specifically the 3508 or 3508EZ. As you can see, within my inbox we have been receiving emails along the way, as we been completing each step of the process. First, we were notified when we need to upload our supporting documents. We have received a security code, letting us know how to log into our eSigning session. Lastly, an email with the eSign session itself. So, let us go in and sign the documents. In order to, get started, you will be asked to authenticate, once again. You will need to fill out your original PPP loan amount. Your email address and your business TIN. Then go ahead and hit find our loan. This will bring us to the status page. As you can see, since the last video, we have moved along from that financial institution review status, into the signing of documents. We did receive an email letting us know what the four digit code for accessing eSign session would be as you can see on screen it will be the last four digit of your social security number that you disclosed during the forgiveness application process. Let us go ahead and eSign. This will bring us directly into a docusign session, where you will need to enter the last four digits of your social security number. Here, we will be brought to the 3508. We must agree to electronic signature. You will see the 3508 or 3508EZ will be completely pre-populated for you. All the answers that have been provided by your financial institution, all the answers you have inputted in the application, have all been filled out in each field of the 3508EZ, in this case. We highly recommend you review all the fields, ensuring that they are all correct. Once you reviewed everything, you may start the eSigning process. You will be asked to initial, on each line, certifying to each of the statements. In addition, you will be required to certify to one of the two statements below. Lastly, you will sign and disclose your title. Additionally, there is demographic information at the bottom. This is not required information, but the SBA is requesting this information for any principles at your company. Feel free to fill this out for each of your principles. Once complete, mark complete drop down at the bottom and we are finished. That completes your business’s steps for the eSigning process. You will notice that we are still in the sign status, that is because your financial institution must counter sign, as well. Once they have counter signed and the information is pushed to the SBA, the SBA has 90 days to respond to your financial institution. Please be patient, as your financial institution will be checking with the SBA on-a daily-basis. Once they receive a response, your financial institution may request additional information or may communicate to you, your calculated forgiveness amount, as well as you calculated remaining balance, based off the SBA’s processing. Again, you may always return to this page to see where you are in the process and to see your current documentation. Here, we have the go to eSign link, which will show you that 3508EZ that we just signed. Thank you for taking the time to walk through the SBA document signing process. If you have any questions, please reach out to your financial institution.
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