Have Questions About PPP Loan Forgiveness?
Check out our super-helpful guide — addressing everything from the forgiveness application process, timelines to anticipate and pitfalls to avoid. To get your copy, click the button below.
Easy Online Application Submission
For your convenience, North Shore Bank has developed an online PPP Loan Forgiveness Application. Simply click the button below to access the platform. Please note that to log on, you will need your Tax Identification Number or Social Security Number, the PPP loan amount and the SBA note number (which can be found on the signed note).
Our online forgiveness portal will walk you through the application process using an interview type scenario — not dissimilar to how you would complete online taxes. After answering all of the questions, an application will be generated, which can then be signed electronically. Any supporting documentation can also be uploaded to the portal.
PPP Loan Program Updates
When your loan was written, the note included six months of deferred principal and interest payments. This has changed to allow for deferred payments up until the time your loan, or a portion thereof, is forgiven by the SBA. If your loan is forgiven in full, no payments will be required. If you receive partial forgiveness, the remainder of your loan will require payments after the forgiveness has been applied to your loan.
Deadline for Forgiveness
The deadline to apply for forgiveness is 10 months after the end of your “Covered Period.”
The covered period is either 8 weeks or 24 weeks. Loans dated prior to June 5 can choose between the 8 weeks or the 24 week period. Loans dated June 5 or after have an automatic 24 week covered period.
Loans for $50,000 or Less
The SBA has released a simpler loan forgiveness application (3508S) for PPP loans of $50,000 or less (other than any borrower that together with its affiliates received loans totaling $2 million or greater). Borrowers that use Form 3508S will be exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees or reductions in employee salary or wages. The new application is now available on our online forgiveness portal.