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How do I apply for PPP loan forgiveness?

In order to apply for PPP loan forgiveness, you’ll need to complete a 3508EZ Form or 3508 Form and email it to ppp@vast.bank. 

Last updated: Friday, August 7th, 2020 

The Small Business Administration has announced that they will begin accepting PPP loan forgiveness applications on Monday, August 10th. The deadline to apply is 10 months from the end of your covered period, which varies by the borrower. The resources provided in this communication will help you determine what your forgiveness period is. Please see the complete list of resources below. 

It is important to note that there are multiple pieces of legislation in Congress that, if signed into law, would make significant changes to the forgiveness process, particularly for loans under $150,000. Because of that legislation, some borrowers are opting to wait to apply for forgiveness in hopes of a simplified and streamlined process. Here is a link to a summary of the amendments proposed by Senator Marco Rubio and Senator Susan Collins. Senator Kevin Cramer has proposed similar legislation. See this link for a summary. 


We're Here to Help Point You in the Right Direction


We are doing everything we can to help our customers and the communities we serve through this unprecedented time. Given the large volume of inquiries, we may not be able to answer every question we receive. That's why we're sharing as much relevant and useful information as possible to help our customers, including instructions, FAQs, online tools, and various publicly available analyses of the program. Here are a couple of online tools that can assist you in filling out the forms:

https://ppp.bank/
https://www.pppforgivenesstool.com/
 

Ready to Complete Your PPP Loan Forgiveness Application? 

 
If you would like to proceed with the forgiveness process in its current form, please fill out the application in its entirety, following the instructions published on the Treasury’s website (and linked below), and send the application, along with all supporting documentation, to ppp@vast.bank

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

Please read the instructions to determine if you should fill out the standard form OR Form EZ.

Application: 

Application Instructions:

Frequently Asked Questions:

All of the above forms, along with additional FAQs, can also be found here: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
 


Note: If you can't find the information you're looking for or need clarity on something, please send questions to pppquestions@vast.bank

Additional PPP Loan Resources & Links

Helpful links on the Paycheck Protection Program (PPP) that is part of the CARES Act.