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SBA Payment Protection Program (PPP) Loans
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Paycheck Protection Program


Paycheck Protection Program Loan Forgiveness Process

 

HomeStreet Bank is committed to processing PPP loan forgiveness applications as quickly as we can. With that goal in mind, we are in the process of updating our system to receive, analyze, and process PPP loan forgiveness applications. Once that system is ready to accept forgiveness applications, we will notify you. Please do not submit PPP loan forgiveness applications until we notify you that we are ready to accept them.

 

The SBA recently issued some guidance for small balance PPP loan forgiveness (loans with balances of $50,000 or less), and the SBA has just started to process small numbers of forgiveness applications for PPP borrowers across the country.

 

Until the SBA begins processing applications in larger volumes, it is possible that PPP borrowers may benefit from waiting to submit their PPP forgiveness applications. As we saw in the initial round of loan applications this spring, early applicants were often not able to benefit from guidance issued later in the process. Additionally, the SBA will only issue one forgiveness decision for each application. Please take these factors into account when deciding when to submit your PPP loan forgiveness request after we notify you that we are ready to accept them.

 

Please check back at the end of November for an update on the processing of forgiveness on the PPP loans originated through HomeStreet Bank.



Loan Forgiveness Applications

 

On June 17, the SBA released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. The EZ Loan Forgiveness Application instructions include the criteria for borrowers to qualify to use SBA Form 3508EZ. 


For your reference, here are the links to the application forms and instructions:



The instructions include detailed information about the costs that are eligible for forgiveness, the list of documents required to be submitted with your application for forgiveness, and the instructions for calculating those costs. The SBA will be providing updated guidance for borrowers on the completion of their application for forgiveness which will be available through the resources noted below.


Additional Resources:

U.S. Department of the Treasury Assistance for Small Businesses

SBA Paycheck Protection Program

PPP Frequently Asked Questions

Disclosures:

Loans subject to approval. Loan terms are subject to change without notice.

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