PPP Loan Forgiveness
How to complete your PPP Forgiveness Application.
Once you click on the appropriate button below for your PPP loan size, you will find the application, instructions and required supporting documents. To assure the greatest opportunity for forgiveness, please submit your loan application at least 90 days before you are required to make a payment on your loan. Best practice for attaching required supporting documents would be to combine them all into one PDF and then attach the single document.
- Form 3508 EZ is the application to use for forgiveness if your loan size is over $50,000.00 and you had no reductions in staff or wages.
- Form 3508 is the application to use for forgiveness if your loan size if over $50,000.00 and you experienced reduction in staff or wages.
- Form 3508 S should be used if your loan size was under $50,000.00.
Once you complete the application and hit submit, Adobe Sign will send you an email to verify your email address. After email verification, you will receive notice from Adobe Sign that your application has been successfully submitted.
Our team is ready to process your application upon receipt. You must submit your PPP Loan Forgiveness Application and supporting documents to the bank in order for the SBA to consider approval. Once approved, the SBA will send payment to the bank which will pay off your PPP loan. If you have questions regarding the application, your Prospect Bank Relationship Manager is always available to assist you.