Applying for PPP Loan Forgiveness
If you have completed your 8-24 week covered period for your PPP loan, follow these steps to begin the forgiveness application process.
Determine which form to use.
If your original PPP loan amount was $150,000 or less, you can use the new simplified forgiveness application form (Form 3508S).
If you don't qualify to use the streamlined form as outlined above, you may still qualify to use the SBA's "short form." If you meet any of these 3 criteria, you can use Form 3508EZ:
- Employee hours
- Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).
- Business impact
- Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.
Prepare your form.
Use these materials to prepare your forgiveness application. This is not your final application, so you may leave loan number and signature blank.
Use these materials to prepare your calculations. This is not your final application, so you may leave loan number and signature blank.
When you get to Step 3, you will be prompted to enter values from your completed form into the online tool.
Enter form values using our online tool.
To streamline your online application process, have these items on hand before using the online tool:
- Tax Identification Number
- The TIN used on the signed PPP loan application
- Email address
- The email address used when signing original loan documents
- Social Security Number
- Of original PPP loan signer
- Annual Sales
- Annual sales figure from your most recent fiscal year-end
- Completed form
- You will need to refer to your completed forgiveness application form to complete fields in the online tool.
- Supporting documents (for original loan amount over $150,000)
- After submitting your form details, you will be able to upload your supporting documentation. These are not required for loan amounts less than $150,000.
- Schedule A (if applicable)
- If submitting the long form (Form 3508), upload an electronic version of your Schedule A worksheet as well
Contact your business banker if you have questions during the process, or contact Customer Support at 855-409-2422.
PPP Loan Forgiveness FAQs
The new Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act includes provisions to continue the Paycheck Protection Program and other small business relief programs. It also includes some changes to previous forgiveness guidance, including a new streamlined process for all PPP loans under $150,000 and some changes to eligible expenses and calculations.
Please see your application form (Form 3508S, Form 3508EZ or Form 3508) and its instructions for a listing of materials to collect for your forgiveness application.
After the SBA has completed its forgiveness review, please be sure to retain all records gathered in the PPP loan application and forgiveness application processes, including:
- Copies of all information provided to Bremer in connection with your PPP loan
- Copies of all information provided to Bremer in connection with your forgiveness applications
- Any supporting information that was not required to be submitted, such as payroll records, job offers and refusals, etc.
In most cases, the SBA requires at least a six-year retention period.
The SBA is reviewing all loans of $2 million or more. As part of this process, they provide a Loan Necessity Questionnaire to lenders and borrowers.
If you receive a questionnaire, you should submit to your lender within 10 business days of receipt.
Resources for small businesses
In addition to the loan programs offered by the SBA and the CARES Act, additional government resources are available. Talk to your banker for help navigating the options available to you.
Consumer loan assistance
If you are a Bremer customer impacted by the COVID-19 situation, Bremer is here to work with you.
Consumer mortgage loans
Bremer mortgage customers affected by the COVID-19 situation may qualify for suspended or reduced payments for up to 12 months.
If you are a mortgage customer in need of this assistance, please contact our Loan Solutions team at 651-734-4147 or 1-800-908-2265, extension 4147.
In addition, Bremer is suspending all foreclosure actions, with the exception of abandoned or vacant properties.
Consumer loans, including home equity loans
Customers in need of assistance may call their local banker or our Loan Solutions team at 651-734-4147 or 1-800-908-2265, extension 4147.