PPP Forgiveness Information and Resources
Compeer Financial is accepting PPP forgiveness applications for loans originated during 2020*. Clients should have received an email with a unique link to the SBA Digital Forgiveness Application. If you have not received your forgiveness application link, please email [email protected].
*Clients with loans originated during 2021 will receive links to forgiveness applications no sooner than eight weeks after fund disbursal.
Keep in mind, you must use all the proceeds from your PPP loan (including any increased amounts) before you can apply for forgiveness. If you pursued a recalculation on your first draw PPP loan, please verify that the loan amount in your forgiveness application is correct and do not submit your forgiveness application to Compeer until you have spent additional funds from a recalculation on eligible expenses. Doing so could put your recalculation in jeopardy.
Please use the Steps to Complete Digital Forgiveness Applications to prepare required documentation and for assistance as you work through your forgiveness request. Compeer has also made the following Training Videos and SBA Resources available for reference.
Additionally, the Treasury and SBA have created resources for borrowers. The following information should be of help to you as you plan what expenses to pay with the PPP loan proceeds and any other actions you need to take to maximize your loan forgiveness. Please carefully read the following documents and guidance:
SBA Application and Instructions for Forgiveness (3508S)
SBA Application and Instructions for Forgiveness (3508EZ)
SBA Application and Instructions for Forgiveness (3508)
- If your loan was less than or equal to $150,000 please use the 3508S version of the SBA Forgiveness Application. This version of the forgiveness application does not require any documentation for forgiveness of a first draw and only requires revenue reduction documentation for forgiveness of a second draw.
- If you cannot use the 3508S application, we suggest you review page 5 of the “SBA Application and Instructions for Forgiveness (SBA3508EZ)” to determine if you meet the qualifiers to use the “EZ” Application.
- Review the Summary of Costs Eligible for Forgiveness beginning on the bottom of page 7 of “SBA Application and Instructions for Forgiveness (SBA 3508)”.
- Review Question #8 Amount of Owner Compensation Eligible for Forgiveness beginning on page 5 of Frequently Asked Questions on PPP Loan Forgiveness.
- Depending on the complexity of your business, the SBA 3508 Form may require very detailed records to process your application, specifically pages 10 and 11 of the “SBA Application and Instructions for Forgiveness (SBA 3508)” document.
- It is especially important you carefully review pages 12 and 13 of the “SBA Application and Instructions for Forgiveness (SBA 3508)” document, as it describes the required documentation to forgive the loan.
- When selecting a beginning and ending date for the covered period of the loan:
- The beginning date of the Covered Period defaults to the origination date of the PPP loan. If you need this date changed, please email [email protected] and provide the revised date.
- Select the end date of the covered period that you would like to use. Use caution when choosing the end date. (For example, covered periods cannot overlap, there may be limitations if only using owner compensation replacement and your covered period is less than 2.5 months, etc.).
Questions about PPP loan forgiveness? Please contact [email protected]