On Tuesday night, January 19, 2021, the SBA released the long-awaited Simplified Forgiveness Application (Form 3805S). This is the application we have mentioned and have hoped would be released. We encourage all PPP loans under $150,000 to submit your forgiveness applications at this time, if all requirements for forgiveness have been met.
This was done in part of the new COVID-19 relief package that was signed into law allocating an additional $285 billion to fund more PPP loans and provide simplified forgiveness for existing PPP loans less than $150,000. As a reminder, we are currently accepting current round of PPP “First Draw” and “Second Draw” applications.
Please find the following links to assist you in your forgiveness application process.
- Simplified Forgiveness Application Form 3805S
- U.S. Small Business Department – Paycheck Protection Program
- U.S. Department of Treasury – Small Business Paycheck Protection Program
Please take time to review the application and instructions. Once complete please submit your application to your lender directly or email us at PPP@gstbank.com.
Again, on behalf of all of us at Greater State Bank, we thank you for trusting us with the financial needs of your business.
Robert A. McGurk
President & CEO