The SBA is actively accepting and processing forgiveness applications, and Citizens Bank has received forgiveness on several loans already. If your PPP loan is under $50,000, the path is clear for you to proceed with your forgiveness application.
The only reason to consider waiting at this point is if you also took an SBA Economic Injury Disaster Loan (EIDL) and received an initial advance up to $10,000. The SBA has thus far been netting the advance amount from PPP forgiveness, but there is some hope for a legislative fix for this issue in the coming weeks and months. If you received an EIDL advance, it is the opinion of Citizens Bank that you should wait to apply for forgiveness of your PPP loan until this issue is clarified.
How do I apply for SBA PPP Forgiveness?
The required actions to apply for forgiveness are outlined below along with a list of documents you will need to complete and submit to get started.
- Please click here for the SBA 3508S loan forgiveness application form: https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S.pdf.
- Click here for Instructions to complete the 3508S: https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S-Instructions.pdf.
- Click here to access a list of Supporting Documents for PPP Forgiveness that must accompany your application package.
- Click here to access the Loan Forgiveness Acknowledgment that Citizens Bank will require in order to consider your application complete.
- Use our secure server to submit your request and supporting documents. Please submit your application to the Citizens Bank lender that originally helped you with your PPP application.
Once a completed application is received the bank has 60 days in which to respond to you or submit your application to the SBA, and the SBA has an additional 90 days to render their decision. We anticipate needing to reach back out to our borrowers for clarification and additional documents along the way and ask for your patience and speedy response to our requests.
We look forward to working with you to attain a satisfactory conclusion to what has at times been a confusing and frustrating process. Our focus has been and will continue to be on attaining the most potential benefit to our valued customers.
As always, we stand ready to answer your questions about the PPP using the best available information.
Citizens Bank recommends that you consult your outside advisors and experts in all matters relating to the PPP and loan forgiveness. We will work to provide you timely and accurate information, but the burden for obtaining forgiveness rests on the borrower. All information provided in this format or any other communication regarding the program is believed to be accurate, but no guarantee is or can be made by any Citizens Bank representative.
Please submit your questions to pppquestions@citizens-banking.com. Include the name of your business in your e-mail. We will endeavor to answer in a timely way with the best information currently available.