PPP Loan Forgiveness
BankFive has sent secure emails to its customers who received Paycheck Protection Program loans through the SBA and who are eligible to apply for loan forgiveness. If you have not yet received your secure email from us, please contact your loan officer or reach out to us at email@example.com.
These emails contain important information specific to your loan, as well as a link to a portal where you can securely complete the online PPP Loan Forgiveness application. Please do not mail us PDF applications downloaded from the SBA's website. All BankFive loan forgiveness applications must be processed using our online portal. It's also important to remember that as your PPP lender, BankFive is the only one who can process your forgiveness application. If you receive emails or phone calls from other entities regarding your PPP loan forgiveness, they are most likely fraudulent. Our lenders are available to help answer any questions you may have and to help navigate you one-on-one through the loan forgiveness process.
Below, you can find some more detailed information and answers to some frequently asked questions about PPP loan forgiveness.
Important notice for borrowers who received $150,000 or less in PPP funds
On 12/21/20, lawmakers passed a COVID-19 relief package that includes a simplified PPP forgiveness process allowing PPP loans of $150,000 or less to be forgiven after the borrower completes a one-page attestation. While some of our borrowers who have received $150,000 or less in PPP funds have already started the forgiveness process using the application process outlined below, more information on the simplified process will be forthcoming for those borrowers who have not yet applied for forgiveness. We thank you for your continued patience as you await further direction from BankFive.
Prepare for forgiveness - Borrowers who received more than $150,000 in PPP funds
In order to start determining what documents you will need for your application, you should first determine whether you are eligible for the "EZ" forgiveness process. The EZ loan forgiveness process requires less documentation and fewer calculations than the traditional process. This streamlined process applies to borrowers who meet any one
of the following criteria:
- Applied for the PPP loan as self-employed, as an independent contractor, or as 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 their employees worked (with the exception of laid-off employees who refused an offer to return to work)
- Did not reduce 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
In addition to the EZ and the traditional forgiveness application forms, there is a third form option: SBA Form 3508S. This form should only be used by borrowers who received $50,000 or less in PPP funds.
What documentation will I need when I apply?
We have compiled a list of the documents you should gather before applying for PPP loan forgiveness. You can access this list on our Supporting Documents
page. You may also download the required documents lists below, which have been provided by the SBA. To determine if you should use the "EZ" or the traditional required documents list, please refer to the question above. Please note that these required documents do not pertain to borrowers who received $150,000 or less in PPP funds who are applying for forgiveness using the one-page attestation form.
EZ Form Required Documents
Traditional Form Required Documents
Form 3508S Required Documents (for borrowers who received $50,000 or less in PPP funds)
How does the forgiveness application process work?
Your secure email contains a link to our online portal where you can complete your application and upload required documentation. Our lenders are available to help answer any questions you have about the process and help walk you through the necessary steps. Once your application is submitted, we will perform our initial review and reach back out to you if anything is incomplete or if any additional documentation is required. Once your application is finalized, we will perform a final review to determine your forgiveness status. Please note that this can take up to 60 days. After our review is complete, BankFive will submit your application to the SBA on your behalf. The SBA will then have 90 days to complete its final review and processing.