Good Afternoon Paycheck Protection Program Borrower,
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.
Here are some highlights of the new SBA Form 3508S:

  • Applies to PPP loans $50,000 and less (with the exception for those borrowers that together with their affiliates received loans totaling $2 million or greater).

  • Two-page forgiveness application which includes borrower certifications.

  • Application does not require submission of forgiveness calculations.

  • Applicant will be required to submit documentation verifying the forgivable payroll and non-payroll expenses.

  • Borrower should retain all documents for a period of six years.

  • Borrower is exempt from any reductions in the loan forgiveness amount based on reductions in full-time equivalent (FTE) employees that would otherwise apply.

  • Borrower is exempt from any reductions in the loan forgiveness amount based on reductions in employee salary or wages that would otherwise apply.
Important Note: All remaining PPP loans of greater than $50,000 will be invited to apply for forgiveness through our online portal prior to the end of October. One of our Commercial Loan Officers will reach out directly to the borrowers and provide application instructions along with portal log-in information.
We appreciate your patience and flexibility as we continue to navigate the changes from the SBA.

I hope that you are staying healthy and safe!
Warm Regards,

Robert A. Vernick
Senior Vice President
Chief Lending & Bus. Dev. Officer
NMLS# 977437
The Farmers National Bank of Emlenton
612 Main Street
Emlenton, PA 16373
p: 844.882.6436
c: 724.991.9047
f: 724.867.9326