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Paycheck Protection Program Forgiveness

First Bank of the Lake is ready to help.

Ready to apply for PPP Forgiveness? 

Email us to get started. 

Please remember to provide your business name EXACTLY as it appears on your PPP Loan. The unique link and PIN to access your forgiveness application will be sent to the email you provided on your PPP Loan Application.

You have 10 months after the end of your Covered Period to apply for Forgiveness before you start being billed for monthly payments. For this deadline calculation, the SBA allows the maximum 24-week Covered Period even if you elect to use a shorter Covered Period in your Forgiveness Application. 

The beginning of your Covered Period is determined by the SBA and is based on the Loan Disbursement Date and cannot be changed. For Second Draw (PPP2) Forgiveness Applications, you must have already received a Forgiveness Decision from the SBA on your First Draw (PPP1) loan before you can file for Second Draw (PPP2) Forgiveness.

First Bank of the Lake has 60 days to review a completed application. Once the completed application has been reviewed and sent to the SBA, the SBA has 90 days to render their decision. 

Your Forgiveness Application is an application submitted to a Federal Agency, much like your tax return submitted to the IRS. 

There are many ways to complete the Application: 

  • Accurately

  • Completely

  • Truthfully

We also check your application to make sure it conforms with the 3 C's:

  • Clear

  • Concise

  • Complete

Documentation Requirements

Please understand if we ask you to submit any additional documentation, reorganize submitted documentation, or provide clarification / calculations, it is in the spirit of an advocate who is helping you with your Forgiveness Application. Please refer to Documentation Requirement below for detailed information. 

Thank you for working with us as we help determine your Forgiveness eligibility so your Application may ultimately be submitted to the SBA for decisioning.

Subject to credit approval. Certain restrictions may apply.

Documentation Requirements

If your payroll expenses meet / exceed your loan amount, it is not necessary to include non-payroll expenses.
Form 3508 and 3508EZ: Include a Payroll Report for your Covered Period. CARES reports are preferred. Your first pay date / check date must be on or after the beginning of your Covered Period, even if it was for a prior pay period. Your last pay period must end on or before the end of your Covered Period, even if the pay date / check date is after the end of your Covered Period.
Form 3508:  Include a Payroll Report or FTE Report for 1/1/20-2/29/20 AND 2/15/19-6/30/19.
From 3508EZ: Include a singular payroll report with 1/1/20 in the pay period and a singular payroll report with the end of your Covered Period in the pay period.

Form 3508 and 3508EZ: Include 941's, State Unemployment Tax Filings, and State Business Tax Filings for any months / quarters your Covered Period touches. If you are filing for Forgiveness during the same quarter in which your Covered Period ends, you would not have filed these for that quarter and therefore that quarter's reports are not required.
Eligible Non-Payroll Expenses require:

  • Bills / Invoices organized in chronological order, by provider
  • Proof of payments organized in the same fashion
    • Cancelled checks
    • ACH summary filtered through your Online Banking
    • A statement from the provider detailing payment history
    • A statement prior to your Covered Period
      • For Utilities, a February 2020 invoice is required
      • Rent requires an executed lease (signed and dated by lessor and lessee)
For 3508S, no documentation is required (except 2nd Draw Loans where you must upload your revenue reduction documentation). Select 2nd Draw Applications are excluded from this requirement by the SBA. If this applies to you, your application will not have fields requiring you to document Revenue Reduction.
  • For Revenue Reduction, please provide one of the following:
    • Quarterly Financial Statements for the Borrowing Entity
      • If not audited, applicant must sign and date the first page of the financial statement and initial all other pages attesting to their accuracy. Applicant should annotate which items / figures constitute gross receipts if not clear
  • Quarterly or Monthly bank statements showing deposits for the relevant quarters. Applicant must annotate which deposits constitute gross receipts if not clear
  • Annual IRS Tax Filings for 2019 and 2020
    • Required if applicant is using annual period comparisons. Returns should be signed and dated. Filed returns only.
For Revenue Reduction, you are required to provide documentation that matches the time period you chose when you calculated the Revenue Reduction for your 2nd Draw PPP Loan application.  

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PPP Support 

Call our PPP Support Line at 573.668.8035 from 8 am to 5 pm CST or email us and we'll be happy to help answer your questions.