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Paycheck Protection Program Forgiveness

Guide to PPP Loan Forgiveness

Welcome to the Glasford Bank webpage dedicated to helping you with your Paycheck Protection Program application for forgiveness. We were thrilled to help you receive your PPP loan and now we’re here to help with the forgiveness. The forgiveness process has not been finalized, as the SBA continues to issue new rules and guidance. Below you will find our most recent update on the current status of the program along with links to the forgiveness application, program rules, and other resources. Our goal is to update this page with the newest information as we receive it. Please feel free to reach out to your PPP lender at any time using their contact information below. Thank you for your business!

On July 4th, new legislation was signed that extends the deadline for small businesses to apply for the Paycheck Protection Program. Customers now have until August 8th, 2020 to apply for their PPP loan. This change comes after other recent changes to the program. The PPP Flexibility Act made some key rule changes to the PPP program including an extended 24 week loan forgiveness period. The SBA also released a new EZ application which requires fewer calculations and less documentation for eligible borrowers. Read more about those changes below under PPP Press Releases and Updates.

UPDATE: On October 8th, the U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.  This new application is called the 3508S and is included below along with the directions.

PPP Press Releases and Updates

SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less  (updated October 8th)

SBA and Treasury Announce New and Revised Guidance Regarding the Paycheck Protection Program (PPP Flexibility Act)

SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program

SBA and Treasury Announce Frequently Asked Questions on PPP Forgiveness
 

PPP Forgiveness Forms

3508S Application - For all loans under $50,000
Instructions         Application

3508 EZ Application - For loans over $50,000 - See instructions for further qualifications.
Instructions        Application

3508 Application - For loans that do not qualify for the 3508S or 3508 EZ application
Instructions        Application

Completed applications may be submitted to Marji Wolfe.