New simplified application available 10/13/20. Read the instructions below for more information. All applications can be found at the bottom of this page.
Now accepting PPP loan forgiveness applications
If you have a PPP loan with The First National Bank in Sioux Falls, you are now eligible to apply for forgiveness. We will continue to monitor future program changes and adjust as needed.
Things to know before you apply
1. You are eligible to apply for forgiveness at any time regardless of the Covered Period you chose. However, we suggest that you verify you’ve paid the amount of Covered Expenses required to have your loan fully forgiven.
2. If your PPP loan was for $150,000 or less, there is still a possibility of legislation that would simplify the forgiveness applications and reduce the amount of required supporting documentation. Taking this into consideration, please determine when applying for forgiveness makes the most sense for you.
3. IMPORTANT: Before you submit your application, please make sure to enter the demographic information (if you choose to do so) and attach your supporting documentation. Once you click the “Click to Sign” button, your application will be finalized and you will not be able to access the Demographic Information Form or attach supporting documents. Any missing pieces of required supporting documentation will affect our ability to timely process your application.
Which application should I use?
There are currently three versions of loan forgiveness applications available: a simplified application, an EZ application, and a standard application. Below you can find all three applications and their respective instruction sheets. Please review the applications and required documentation (found on each application’s instruction sheet) to determine which application may pertain to your business.
You may be able to use the simplified application (Application Form 3508S) if your PPP loan was $50,000 or less.
You may be able to use the EZ Application if you can certify any of the following three items (a detail of these certifications can be found in the EZ Application Instruction Sheet):
• You are self-employed and have no employees, OR
• You did not reduce the salaries or wages of your employees by more than 25% and did not reduce the number or hours or your employees, OR
• You experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of your employees by more than 25%
Forgiveness application instructions
Please note: we have made some adjustments to our application and document submission process for the forgiveness phase of the PPP. It will be slightly different than the loan application process. These changes will help us more efficiently process forgiveness applications. Please read the following instructions carefully.
Once you have determined which application you are eligible to use, please review both the applicable instruction sheet and FNB document checklist. By clicking the ‘Apply Now’ button in the application boxes below, you will be directed to a fillable application PDF in our online Adobe E-sign platform. This way, you can complete the application, upload your documentation, provide an electronic signature, and submit your application to FNB all in one spot!
Next, enter the required information into the application. You will not be able to submit the application unless you have completed all of the required fields. The top right of the page will indicate any remaining required fields. Near the end of the application, there will be a page to upload your supporting documentation.
After you have entered all of the required information and uploaded your documentation, you will provide an electronic signature. When you click ‘submit,’ all of the application materials will be sent securely to FNB. We will send an email confirmation within 1-2 business days of receiving your application.