1st Capital Bank
PPP LOAN FORGIVENESS RESOURCES
It’s not too early to start the process of having your loan forgiven.
If your business received a PPP loan, there are specific requirements you’ll need to meet for it to be forgiven. We have prepared a list of steps and resources to help guide you through the process of applying for loan forgiveness. These resources and recommendations are provided as a reference. To prepare your application, we strongly recommend working with your accounting and tax advisors to ensure your full understanding of the rules and the accuracy of your forgiveness application — and to collect the correct documentation.
Start Getting Prepared
When you apply for the PPP loan forgiveness, you’ll need to provide documentation on how your PPP loan proceeds were used by your business. Some payroll providers may assist in providing specific payroll reports for the forgiveness application process. Again, we recommend consulting with your accounting and tax advisors to organize your documentation for your forgiveness application.
Action borrowers should consider today:
- Maintain accurate and disciplined records of the use of PPP funds.
- Maintain accurate payroll records and any ACH transfers related to payroll.
- Maintain supporting records of expenses related to payroll, mortgage interest, utility payments and rent.
- Maintain proof of payment of all rent and mortgage interest payments.
- Maintain receipts, statements and proof of payment for all utilities at your business.
This list applies to most businesses, but it may not apply to those who are self-employed. The PPP forgiveness applications (SBA Form 3508 or 3508EZ) cover special circumstances related to the structure of your business. We have prepared a detailed checklist and qualification guide that may be helpful to you and your business. You can find the checklist in the link below to PPP Forgiveness Application Guides.
Loan Application Process
When we are ready to accept applications, we will send you an invitation to our online, secure interactive platform, where you will complete the application, upload the supporting documentation, certify the accuracy of the application and submit it for forgiveness consideration. The online platform includes an interactive worksheet that assists with calculating final forgiveness amounts.
PPP Loan Forgiveness Guides and Resources
To assist and guide you through the PPP loan forgiveness process, our PPP Forgiveness Resources web portal provides a comprehensive loan forgiveness application guide.
We have compiled a comprehensive step-by-step guide on the qualifications and application process for loan forgiveness. This guide provides the information needed to decide if your business can qualify for loan forgiveness, and which application to use.
1st Capital Bank has established a Borrower Resources portal for facts and information pertaining to the PPP forgiveness process. This is a free resource for 1st Capital Bank customers.
This portal includes video tutorials that review documentation requirements, preview what the online application looks like and show how to navigate the data input. You will also find several printable documents that describe the application process, including a checklist to help guide you, as well as access to all the SBA/U.S. Treasury publications.