Paycheck Protection Program Assistance
PPP Loan Forgiveness Application Update
Please note: Franklin Savings Bank is not accepting PPP loan forgiveness applications at this time.
Loan Forgiveness Applications will only be eligible for submission to us based upon the following:
- SBA’s Final Ruling has been established (TBD);
- The 24-week requirement has been met.
While the SBA has not finalized the PPP loan forgiveness application, they have released drafts of two applications: Form 3508 Loan Forgiveness Application and Form 3508Z EZ PPP Loan Forgiveness Application. The latter application requires less documentation and fewer calculations; however, it only applies to borrowers who meet one of the following criteria:
- Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
- Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number of hours of their employees.
- Did not lower 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.
The current version of SBA’s Loan Forgiveness Application reflects recent changes initiated by Congress as part of the PPP Flexibility Act, which is included in a new Interim Final Rule summarizing these changes.
Please note: The deadline for the Paycheck Protection Program loan application has been extended to August 8th.
Other helpful resources:
SBA Webinars each Wednesday:
Join by phone: 1.202.765.1264 | Conference ID: 522409519#
PPP Loan – Forgiveness FAQs – added 08.6.2020
PPP Form 3508 Instructions – added 06.17.2020
PPP Form 3508EZ Instructions – added 06.17.2020