SBA Paycheck Protection Program

SBA Paycheck Protection Program


 

Forgiveness Process:


• Loan Forgiveness Portal Link


Information you need to set up an account:

• SBA Loan #, which can be found on your loan closing documents

• Borrower’s Tax ID or Social Security Number


Tutorial: 

• View the Lenders Cooperative’s video guide to using the portal 


Preparing To Submit Your Loan Forgiveness Application:

• It will be helpful to review the Paycheck Protection Program Loan Forgiveness Application ahead of time to understand what questions you need to answer and supporting documentation you are required to submit.  

• The full application can be found here.

• EIDL Advance information can be found here.


Once you start your Loan Forgiveness Application in the portal, you will be able to save and return to the application at a later time if needed.  


SBA Paycheck Protection Program


EZ Form Loan Forgiveness Eligibility:

You may be eligible to use the EZ Form, which is a streamlined Loan Forgiveness Application.  Basic qualifications for the EZ form applies to borrowers that:

• Are self-employed and have no employees 

• Did not reduce their employees' salaries or wages by more than 25 percent and did not reduce their employees' number of hours 

• Experienced reductions in business activity due to health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25 percent.  


Upon submitting your Loan Forgiveness Application and supporting documentation, PSB will review and respond to your request. If more information is required to complete a review of your application, you will receive communication through the secure portal requesting this missing documentation. Once the application is approved, you will be requested to electronically sign the submission at which time we will present the package to SBA for final processing.


If you have any questions, please do not hesitate to contact your account officer. Again we appreciate the opportunity to serve you through this Paycheck Protection Loan Program.

SBA Paycheck Protection Program