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How to Apply for PPP Loan Forgiveness with Vast Bank

By Vast Bank on 03.04.2021

Did you receive PPP loan funds from Vast Bank? Don't miss out miss out on PPP loan forgiveness. Submit your application as soon as possible to avoid payments in the future. 

We've created this resource to help Vast Bank clients navigate the PPP loan forgiveness application process. A few tips when completing your application: 

  • 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 supporting documentation for loans exceeding $150,000, we will then review it 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:
    • Option 1: https://ppp.bank/
      • 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/

Types of PPP Loan 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 loan is $150,000 or less

If your PPP loan is $150,000 or less, your Forgiveness Application can be found here, along with instructions for completing the form.

3508EZ Loan Application

The 3508EZ application can be found here, along with instructions for completing the form. Page 5 of this application provides eligibility guidance for using this application form.

Standard Application

If you are not eligible to use either of the shortened applications above, the standard application can be found here, along with instructions for completing the form.

Have questions? For the most up-to-date guidance and additional resources, please consult the U.S. Small Business Administration website.

How to Submit Your Forgiveness Application to Vast Bank

Once you have completed the appropriate Forgiveness Application and have compiled all supporting documentation, you can submit your application using our secure link.

Ready to submit your forgiveness application? Use the following link to securely submit your application. Submit My PPP Loan Forgiveness Application >

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This information and recommendations contained herein is compiled from sources deemed reliable, but is not represented to be accurate or complete. In providing this information, neither Vast Bank, N.A. nor its affiliates are acting as your agent or is offering any investment, tax, accounting, or legal advice.

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