PPP Forgiveness Resource Center

PPP Forgiveness Resource Center

Thank you for choosing Investors Bank for the Small Business Administration (SBA) Paycheck Protection Program (PPP). We are pleased to continue to support you and your business during these unprecedented times. The following information may help you better understand the PPP Loan Forgiveness process.

​WEBINAR - Overview of PPP Loan Forgiveness

This webinar, recorded June 25, 2020, reviews loan forgiveness requirements, provides a listing of important documentation needed to apply for forgiveness, and has examples of PPP calculations. You can also download a copy of the presentation slide deck and view a list of user submitted Questions and Answers from the webinar.

PPP Forgiveness Documentation Request List

The following supporting documentation should be collected in preparation for your loan forgiveness calculation.


Frequently Asked Questions

You should have received your PPP Loan Forgiveness Consultant’s contact information in emails sent on June 10, 2020 and June 16, 2020. If you did not receive, please contact the NICE Team at our Client Care Center at 855.422.6548 for assistance.
A portal will be provided for you to easily submit your information and documentation. Your PPP Loan Forgiveness Consultant will contact you to inform you when this is available.
On Wednesday June 17, the SBA released an updated PPP Forgiveness application (Form 3508) to reflect recent program changes related to the PPP Flexibility Act, along with a new 3508EZ Form with instructions.
Here’s a link to documents you should be gathering. In addition, we have also included a list of documents that should be retained for 6 years, if later requested from the SBA.
Click here to see the steps to take to calculate payroll costs as well as answers to some frequently asked questions specific to sole proprietorships with no employees and self-employed individuals.
 
Borrowers who are sole proprietorships with employees should follow the same processes as a business with employees. Please watch the borrower educational webinar above, refer to the FAQ document or call your Loan Forgiveness Consultant for sole proprietorship with employee related questions.
Like PPP loans, EIDL loans are loans sponsored by the SBA to support small businesses facing economic injury due to COVID-19. For more information, please click here.
The covered period is the maximum amount of time you have to use the PPP funds.  You do not have to take the full 8* or 24-week covered period.  However, when applying for PPP loan forgiveness your covered period entry must still reflect the full 8 or 24-week period, even if all the funds were used in a period less than 8 or 24 weeks. In other words, the covered period does not end on the date that your PPP funds were exhausted. 
 
In addition. Please remember that December 31, 2020 is the final cutoff date for eligible expenses. For loans being disbursed July 16 and later, this means that you will not be able to take full advantage of the 24 weeks and you will need to note a covered period that ends 12/31/20. See example below:

 

  8-week example 
(For loans disbursed prior to 6/5/2020)
24-week example  24-week Example
(For loans disbursed 7/16/2020 or later)
PPP Disbursement Date  4/30 4/30 7/24
Covered Period 4/30 - 6/25 4/30 - 10/15 12/31

 


*Note: Only borrowers who received their PPP loan prior to June 5, 2020 can use an 8-week covered period
Yes, the Investors Bank PPP loan number is the same number as the loan number you received from the SBA and is reflected on the Note you signed for the PPP loan.
For an extensive list of questions and answers related to PPP forgiveness, please view our PPP Forgiveness FAQ document.

Fraud Awareness 

The PPP program is not immune from scammers.  Please be aware that there have been reports of scams involving, among other things, fraudulent calls, emails, text messages and phony government sites related to PPP loans. In many instances their intent is to convince you to share your business and personal information, such as usernames and password or to download a malicious file or attachment. 
 
Investors Bank will never contact you asking for your personal information, such as account credentials, PIN or passwords. If you feel your account may have been compromised, please call us immediately at 855.422.6548, email us at sbappp@investorsbank.com, or reach out to your Loan Forgiveness Consultant. Click here to learn more about how to protect yourself from fraud.
 

Useful Links 

We have created a list of helpful links that we believe will assist you as you seek to receive forgiveness of your PPP loan.




 

Disclaimer - The information is (a) based on the most recent SBA guidance and is subject to change and (b) is general guidance and may not apply to your individual facts and circumstances. We encourage you to contact your financial planner, accountant and/or attorney for specific guidance as to requirements and documentation.