Business Loans
 

PPP Loan Forgiveness
 

 

Paycheck Protection Program Loan Forgiveness


We are pleased to assist you with the loan forgiveness step of the SBA Payroll Protection Program (PPP). The PPP allows for all or a portion of the loan and accrued interest to be forgiven if the proceeds are used for eligible payroll and certain non-payroll costs. If you need assistance completing the application, we recommend contacting your accountant or tax advisor. 

As always, you may contact your JCB relationship manager with any questions.

 

GET STARTED

To begin the process, we recommend that you print a copy of the relevant application and instructions. Please read the instructions thoroughly and work through the entire application before beginning the submission process outlined below.

Links to the FULL and EZ Applications and instructions can be found below:

PPP Loan Forgiveness – Full Form Instructions
PPP Loan Forgiveness – Full Form Application
PPP Loan Forgiveness – EZ Form Instructions
PPP Loan Forgiveness – EZ Form Application

It is the borrower’s responsibility to:

  • Initiate the Application process
  • Complete and submit the Application (Form 3508)
  • Make all the certifications and representations required
  • Submit all required supporting documentation

The Loan Forgiveness application must be completed in its entirety to be considered for a forgiveness decision. 

QUICK TIPS

In order to expedite the processing of your application, we strongly encourage you to submit it online via one of the three options in the "Apply Now" section.

Before starting the online process, we recommend having all of the information required in the application, including all supporting documentation. A list of the potential items needed for your application can be found on our Document Checklist and Tip Sheet. Once you begin the application process, you will have the option to save your work and resume at a later time.

Items necessary to complete your application:

  • Loan Numbers - The SBA and Bank Loan Numbers can be found on the first two lines of the first page of the Paycheck Protection Promissory Note. 
  • Disbursement Date – You should check your bank account and use the date that the bank wired you the PPP loan funds.
  • Payroll Documents – In addition to any internal payroll documents a Borrower must provide either a third-party payroll report or a bank statement showing payment of the payroll funds. This applies for both the FULL and the EZ Applications.
  • Nonpayroll Documents – Borrowers must provide documentation that verifies the existence of the obligation (mortgage, rent, utility) prior to February 15, 2020. This could include February mortgage statements, lease contracts, cancelled checks or invoices.
  • Supporting Worksheets – Please provide any internal worksheets which support the payroll and nonpayroll amounts included in your application.

APPLY NOW

OPTION 1: AUTOMATED FULL APPLICATION AND SUBMISSION

This is the FULL Application that was revised June 16, 2020, and may be used for either an 8- or 24-week Covered Period. Features include:

  • Online data entry form
  • Autofill of Application pages required to be submitted, including calculations
  • E-signature capability
  • Direct submission of your Application
  • Upload link for all supporting documents

This online tool including calculations is provided for your convenience. Each Applicant is responsible for double-checking and certifying all calculations including the loan forgiveness amount.

Complete Option 1

 

 

OPTION 2: AUTOMATED EZ APPLICATION AND SUBMISSION

This application simplifies the process but does not change the requirement to submit documentation to support eligible payroll and non-payroll expenses. The EZ Application may be used for either an 8- or 24-week Covered Period and is generally available to borrowers who are either:

  • Self-employed with no employees; or
  • Can certify they have not reduced the number of FTE employees AND have not reduced salaries or wages for any of their employees by more than 25%; or
  • Can certify they have experienced a reduction in business activity as a result of federal health directives related to COVID-19 AND have not reduced salaries or wages for any of their employees by more than 25%.

Features include:

  • Online data entry form
  • Autofill of EZ Application pages required to be submitted, including calculations
  • E-signature capability
  • Direct submission of your EZ Application
  • Upload link for all supporting documents

This online tool including calculations is provided for your convenience. Each Applicant is responsible for double-checking and certifying all calculations including the loan forgiveness amount.

Complete Option 2

 

 

OPTION 3: SUBMISSION OF AN ALREADY COMPLETED APPLICATION

You can use this option to submit either the FULL or EZ Application. The process includes: 

  • Uploading your already completed Application (in PDF)
  • Uploading all supporting documents

Complete Option 3


 

THE PROCESS

Once the Loan Forgiveness application is complete and submitted through any of the above options, you will receive an email confirmation that your application has been received. Our PPP team will review, approve, decline, or amend the Loan Forgiveness request. Processing time will be dependent on the volume of applications received. The bank has 60 days from the date the completed application is received to complete these steps. 

If approved, the application and documentation will be forwarded to the Small Business Administration (SBA) for quality review and final adjudication. The amount of loan forgiveness is not final until approved by both JCB and the SBA. If approved, the SBA will transfer the forgiven funds to JCB for deposit into the borrower’s account. As of now, the SBA estimates the transferring the funds to banks within 90 days of receipt of the information. 

Please note that JCB has retained ProBank, a third-party, to assist in processing these applications. Borrowers may receive emails from PPPLoanTeam@ProBank.com requesting additional information and/or clarification. To ensure emails do not end up in your Spam or Junk folder, you may want to add the domain name (probank.com) and the above email address to your “Approved Senders List” (also known as “white-listing”).

RESOURCES

Our team will review your Loan Forgiveness application and as the reviewer, cannot assist you in completing your application. We suggest you contact your accountant or legal counsel with questions related to your specific PPP loan and the Loan Forgiveness application. 

If you have general questions or want more detail on the loan forgiveness process, calculations, and forms visit:

Main SBA PPP Site
Borrower and Lender Responsibilities
Loan Forgiveness Requirements
SBA Loan Forgiveness Q&A

We look forward to providing the tools and information you need to maximize your PPP Loan Forgiveness. Please check this page regularly for updates.

 

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Emily Shadday

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