CARES Act & SBA Paycheck Protection Program

Loan Forgiveness: The Next Steps

LOAN FORGIVENESS

As of October 9, 2020, we have received a streamlined application for loans of $50,000 or less. However, we still not received clarification on a streamlined forgiveness process for loans any larger. All details will be easily accessible on this webpage, and should legislation change the verification process, it will be updated accordingly.

To submit your application through ShareFile, click the button at the bottom of this page or click here.

APPLICATION SUBMISSION UPDATE

If PPP borrowers submit their forgiveness application timely (within 10 months of the completion of the covered period), they are not required to make any payments on these loans pending forgiveness. Loans with late applications for forgiveness, EIDL advances, or other balances ineligible for forgiveness as verified by BSF and SBA are required to begin making loan payments.

BSF is working on deferral documentation for all PPP borrowers, to be completed by the end of October, which will notify every borrower of their required application date, if they have not already applied, in order to defer payments as stated above.

LOANS $50,000 AND UNDER: APPLICATIONS & FAQs

  • SBA press release on simplified application process for loans of $50,000 or less
  • Application for $50,000 or less PPP loans
  • Instructions for new application
  • Interim Final Rule for $50,000 less PPP loans

  • LOANS ABOVE $50,000: APPLICATIONS & FAQs

    SBA has issued two separate applications for PPP forgiveness: A standard Loan Forgiveness Application Form and an EZ (simplified) form. The EZ form may be used if any of the following apply:

    • You are self-employed, an independent contractor or a sole proprietor with no employees at PPP application and did not include employee salary in the calculation for your PPP loan.
    • You didn’t reduce salary or wages of an employee making $100,000 or less in 2019 by more than 25% during the PPP covered period , when compared to January 1, 2020 - March 31, 2020  AND You didn’t reduce the number of employees or average hours of employees between January 1, 2020 and the end of the covered period.  
    • You didn’t reduce salary or wages of an employee making $100,000 or less in 2019 by more than 25% during the PPP covered period , when compared to January 1, 2020 - March 31, 2020  AND You weren’t able to operate at pre-February 15, 2020 activity due to compliance with requirements/guidance issued by Federal and local agencies for safety requirements related to COVID-19.

          LINKS

    Once you believe you have completed all of the new documentation requirements accurately and have submitted through the secure link, please send an email to SBAPPP@bsf.net and we will begin our verification process in order to get your loan forgiven.

    Don't Forget!

    DO NOT submit your forgiveness application and required documents via email. Instead, use this link or click the button below to securely send us your sensitive information. All questions should be directed to SBAPPP@bsf.net.