PPP Forgiveness Updates
S M A L L B U S I N E S S R E S O U R C E S
(Updated Monday, October 13, 2020)
We are accepting PPP Forgiveness Applications
Update: Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less can apply using a simplified application
Our online PPP Forgiveness Application portal is open and ready to accept your Application.
If you would like to begin the process, start by contacting your Prime Meridian Bank Relationship Manager, Treasury Management Representative or Business Development Officer who will email you a link to the portal and answer your questions.
All work within the portal will be saved (ie: data, documents, etc.) so you will be able to log back in anytime to review and make changes until you are comfortable and ready for us to submit your application to the SBA for decisioning.
My loan was under $50,000. What do I need to know?
A new application form, SBA Form 3508S, can be used by PPP borrowers applying for forgiveness on PPP loans with a total loan amount of $50,000 or less, unless those borrowers together with their affiliates received loans totaling $2 million or more. Instructions for Form 3508S also were released.
A new interim final rule (IFR) provides new guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less.
Under the IFR, PPP borrowers of $50,000 or less are exempted from any reductions in forgiveness based on:
- Reductions in full-time-equivalent (FTE) employees; and
- Reductions in employee salary or wages.
I have already started the forgiveness process within the portal for a loan under $50,000? Should I keep going?
Please call your Prime Meridian Bank contact before doing additional work. We will help you, one-on-one, navigate the recent changes to the application requirements.
Is Prime Meridian Bank accepting paper forgiveness applications for PPP?
Yes, regardless of your PPP loan amount, you may submit your PPP Forgiveness Application to us in paper form (ie: hard copy, PDF, etc.) and we can upload the information to the SBA.
My loan was over $50,000. Where can I find those application(s) if I want to submit a paper application?
Below you can download either the EZ or Full version. Our online process is based on the same forms:
- "3508 EZ" forgiveness application and instructions
- "3508 Full" forgiveness application and instructions
A current version of the Interim Final Rule ? that aligns prior SBA guidance with the PPP Flexibility Act ? is also available.
Updated FAQs regarding PPP are available by clicking here.