PPP Loan Forgiveness Applications
FNB's Online PPP Loan Portal is Open for Forgiveness Applications for borrowers who have not yet submitted a forgiveness application for their 2020 Paycheck Protection Program (PPP) loan. Our PPP Loan Portal was temporarily closed while the SBA finalized changes to the SBA forgiveness process as a result of the December 27, 2020, Consolidated Appropriations Act. Highlights of those changes are outlined below.
- Covered Period Flexibility: The covered period for PPP loan forgiveness can be any length between eight and 24 weeks to best meet your business needs.
- Expanded Use of PPP Loan Proceeds: Forgivable nonpayroll costs now include additional expenses such as operations expenditures, property damage costs, supplier costs and worker protection expenditures. However, payroll costs still must represent at least 60 percent of the total expenses for which forgiveness is sought.
- Simplified Forgiveness: The short form, PPP Loan Forgiveness Application Form 3508S, can be used by borrowers that received a PPP loan of $150,000 or less (previously the amount was $50,000).
- Economic Injury Disaster Loan (EIDL) Advance No Longer Impacts Forgiveness: If you received an EIDL Advance, your forgiveness amount will no longer be reduced by the amount of the Advance.
For more details about your forgiveness eligibility, please visit the SBA website or work with your attorney or accountant.
Please note that, due to the changes to the forgiveness application forms and process required by the SBA, if you started — but did not submit — your forgiveness application prior to January 27, 2021, you will be required to complete a new application using the PPP Loan Portal.
You do not need to apply for loan forgiveness on your First Draw PPP loan in order to be eligible for a Second Draw PPP loan; however, you must certify that you used the full amount of your First Draw PPP loan on eligible expenses. As a reminder, you have until 10 months after the end of your 8-week or 24-week Covered Period to apply for forgiveness before loan payments commence.