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SBA Payment Protection Program (PPP) Loans
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Paycheck Protection Program


Paycheck Protection Program Loan Forgiveness

 

To all our customers with a PPP loan who are preparing for loan forgiveness, we recommend that you start assembling your documentation now. We are currently awaiting additional guidance from the SBA prior to accepting 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:


- Paycheck Protection Program Loan Forgiveness Application (06-16-2020)

- Instructions for the Paycheck Protection Program Loan Forgiveness Application (06-16-2020)

- Paycheck Protection Program EZ Loan Forgiveness Application (06-16-2020)

- Instructions for the Paycheck Protection Program EZ Loan Forgiveness Application


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.


Please check back for specific instructions regarding the processing of forgiveness on the PPP loans originated through HomeStreet Bank.


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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