My last communication provided the great news that the SBA has released a simplified PPP forgiveness application for loans $50,000 and less. As promised, I would like to provide an update on the new SBA Form 3508S and anticipated timelines for borrowers.
The SBA has updated their online application platform to accept the new Form 3508S just this week. However, the programmer is still in the process of updating our portal to accept this new application form and we anticipate this to be completed no later than the second week of November.
As soon as our portal is ready to accept the Form 3508S forgiveness applications, we will initiate the invitation process for PPP borrowers with loans of $50,000 and under. The invitation will include an email with the link to the portal and a direct call from one of the bank’s Commercial Loan Officers assigned to your account. Our goal will be to process these shortened form applications as quickly as possible in order to submit to the SBA for final approval and funding.