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How do I apply for PPP loan forgiveness?

Complete your PPP loan forgiveness application and submit supporting documents to Vast Bank.

Last updated: Friday, October 16th, 2020 

Important Information

  • When completing the application, we strongly encourage you to consult with your legal counsel and/or CPA or accountant.
  • While completing your application, if you do not know your PPP loan number, we can add it for you during our review process, or you can find it on your PPP Promissory Note. It is referred to as “SBA Loan Number” on the top portion of the document.
  • Once we receive your completed forgiveness application, which must include all supporting documentation, we will then review internally to confirm your calculations. The bank is allowed up to 60 days for this review process. Once the bank’s review process is completed, your forgiveness application will then be submitted to the Small Business Administration (“SBA”) for approval. The SBA has 90 days to review the application to make a determination on loan forgiveness.
  • The following online tools may be helpful in completing your Forgiveness Application:
      • Please note that this website will not save any application information. You must fully complete the application in one sitting.
      • You will need your PPP, or “SBA” loan number for this site.
    • Option 2: https://www.pppforgivenesstool.com/

Forgiveness Applications

There are three Forgiveness Applications. Please review the information below and at the links provided to determine which application is appropriate for your PPP loan.

If your PPP Loan is $50,000 or less, your Forgiveness Application can be found here: https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S.pdf, and instructions for completing the form can be found here: https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S-Instructions.pdf.

The 3508EZ application can be found here: https://home.treasury.gov/system/files/136/PPP-Forgiveness-Application-3508EZ.pdf, and instructions for completing the form can be found here: https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf. (The instructions advise if you are eligible to use this ‘EZ’ form.)

If you are not eligible to utilize the 3508EZ form, the standard application can be found here: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf, and instructions for completing the form can be found here: https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Instructions_1_0.pdf

Do you still have questions? Other resources, along with FAQs, can be found here: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses or you can visit www.sba.gov/ppp for the most up-to-date guidance.

Note: We strongly encourage you to consult with your legal counsel and CPA or accountant when filling out the application. 

How to Submit Your Forgiveness Application

 Once you have completed the appropriate Forgiveness Application and have compiled all supporting documentation, you can securely submit your using this submission form

Additional PPP Loan Resources & Links

Helpful links on the Paycheck Protection Program (PPP):