**For PPP Loans of $50,000 and under**
RCB would like to announce that the easy app is now available for any loans $50,000 and under in our automated Loan Forgiveness Platform. The SBA has released a much-anticipated, streamlined loan forgiveness application for Paycheck Protection Program loans totaling $50,000 or less. The two-page forgiveness application, Form 3508S, includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants must still submit documentation verifying forgivable payroll and non-payroll expenses.
**For PPP Loans between $50,000 and $150,000*
We are sorry to have to inform you that the SBA's PPP EZ Loan Forgiveness Certification Application is only available for loans of $50,000 and under - not the $150,000 as originally proposed.
We encourage you to start gathering your information and to submit your request for forgiveness as soon as all of your funds for payroll and eligible non-payable expenses have been depleted.
You will do this by using our automated Loan Forgiveness Platform. All applicants must submit documentation verifying forgivable payroll and non-payroll expenses to the online portal. If you would prefer to use a visual guide, we have step-by-step instructions for you to follow as you complete the application process.
EXCERPT FROM SBA OPERATING PROCEDURES:
Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination. However, if a borrower does not apply for loan forgiveness within 10 months after the last day of the borrower’s loan forgiveness covered period, loan payments are no longer deferred and the borrower must begin making payments on the loan. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.