Small Town

Paycheck Protection Program (PPP) Forgiveness

READY TO APPLY FOR FORGIVENESS FOR YOUR PPP LOAN?

If you received your PPP Loan from Skyline National Bank, you will receive an email with a link that will allow you to complete the forgiveness application electronically. If you have not received a link, please email our small business assistance team at sba@skylinenationalbank.com or call 276-773-1118. Please be aware that the SBA is not yet accepting Form 3508S but we will update this information as soon as we know more.

WHICH APPLICATION SHOULD I USE?

The Small Business Administration (SBA) has released three application forms.

Use Form 3508S if your loan is less than $50,000.

Use Form 3508S if your loan is between $50,000 and $150,000 AND
1. the annual salary or hourly wages of any employee was not reduced by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period AND the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period was not reduced.

OR

2. the annual salary or hourly wages of any employee was not reduced by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period AND the business was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.

While the SBA has not yet started accepting these applications, you may refer to the form below to prepare for the process. When the SBA begins accepting Form 3508S, if your loan is less than $150,000 and you have not already applied for forgiveness, you will receive a link to complete the forgiveness application electronically. In certain cases if you have already applied for forgiveness, you can withdraw the application and switch to Form 3508S. Contact a member of our small business assistance team for more information.

You may use Form 3508EZ if your loan is more than $150,000 AND
1. the annual salary or hourly wages of any employee was not reduced by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period AND the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period was not reduced.

OR

2. the annual salary or hourly wages of any employee was not reduced by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period AND the business was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.

Use Form 3508 if you do not meet the criteria to use Forms 3508S or 3508EZ.

Form 3508EZ
Form 3508S
Form 3508

 

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