Which application should I use?
On June 17, as part of the PPP Flexibility Act, the SBA and Treasury released two versions of loan forgiveness applications: a revised PPP Loan Forgiveness Application and an EZ PPP Loan Forgiveness Application. Below, you can find both applications and their respective instruction sheets. Please review the two 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 EZ version of the application if you can certify any of the following three items:
• 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 of 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%
When will FNB begin to accept forgiveness applications?
Our plan for the forgiveness application process will be finalized upon receiving and reviewing pending guidance from the SBA. Once we receive final guidance, we will communicate those details to you. Based on current guidance, June 30 quarter-end tax information will need to be submitted as part of the application. Borrowers must meet all of the following criteria to apply for forgiveness:
• Received a PPP loan before June 5, 2020
• Elect to use an 8-week rather than 24-week Covered Period
• Have reached the end of their 8-week Covered Period
At this time, we ask for your patience. Please do NOT submit your application or supporting documentation to us just yet. When the application process opens, we will ask for a complete application and supporting documentation to be submitted all at once, rather than having you provide them in separate steps. In short, please wait for the official opening of the application process to submit any application materials or documentation.