sba: paycheck
protection program
loan forgiveness

Paycheck Protection Program Loan Forgiveness Application

On October 9, 2020, the Small Business Administration released a simpler loan forgiveness application for Paycheck Protection Program loans of $50,000 or less. Under the simplified process, borrowers with these loans are exempt from reductions in the forgiveness amount based on reductions in full-time equivalent employees, salary, or wages. These borrowers still must submit documentation to lenders supporting the amounts they paid for payroll costs or other forgivable expenses.


If you received a Paycheck Protection Program loan of $50,000 or less, you can submit your Loan Forgiveness Application using Form 3508S. For instructions on completing this form, please click here.


Some recipients of the Paycheck Protection Program loans may be eligible for loan forgiveness. In order to apply for forgiveness of your PPP loan, please complete this application (updated January 19, 2021) and submit it to your lender. A verification of expenses paid with PPP loan funds should also be submitted with your application. For instructions on completing this form, please click here.


On June 17, 2020, the Small Business Administration released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. Form 3508EZ applies to borrowers who meet any one of these three criteria:

  • ‌Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
  • Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).
  • Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.

The streamlined forgiveness form is expected to smooth the forgiveness application process for a substantial portion of PPP borrowers. For instructions on completing this form, please click here.


We have established a dedicated PPP Rapid Response Team that is ready to assist you in submitting your application. Please contact us with any questions:

Lee Boyle at 571-523-4465
Bruce Wilmarth at 571-523-4457
Steve Collatie at 571-523-4458
Chris Broad at 571-523-4459


Most Recent Amendments to the Paycheck Protection Program

The Paycheck Protection Program Flexibility Act of 2020 was signed into law on June 5, 2020. H.R. 7010 provides additional guidance related to deferral and maturity timeframes and provides greater clarification to several key terms stated within the original CARES Act. Trustar Bank will continue to update our clients as guidance is provided by the SBA as to how they will implement the defined changes under the new law.

SBA & Treasury have recently released additional guidance: 

For more information and updates, visit or


Paycheck Protection Program Presentation

As your bank, we recognize that you may have questions about the Paycheck Protection Program (PPP). To further our commitment to you during these difficult times, we recently conducted a webinar for you to hear from PPP experts. This resource was an opportunity for clients to ask questions specific to their businesses regarding PPP eligibility and the forgiveness process.

Topic: SBA PPP Loan Eligibility and Forgiveness Process

To view the Meeting Recording, please click here.

Access Password: 3D+e+#5*

Thank you to our presenters!

Jeremy Tomes of Troutman Sanders

Mr. Tomes joined us to review PPP eligibility requirements. Mr. Tomes has established a reputation as an SBA lending expert and steadfast source of knowledge for his clients. He helps clients understand and comply with complex regulatory and legislative policies, including the CARES Act, SBA SOPs and related reporting and compliance issues for both borrowers and lenders.

Download Jeremy Tomes of Troutman Sanders’ Presentation

Wesley Allen of Dixon Hughes Goodman

Mr. Allen joined us to discuss the forgiveness calculation of the PPP. Mr. Allen’s 13 years of experience includes working with financial institutions in the areas of process and control evaluation, external financial reporting to regulatory agencies and investors, and compliance with laws and regulations. In addition, Mr. Allen has experience in providing loan policy consulting and derivative accounting consulting.

Download Wesley Allen of Dixon Hughes Goodman’s Presentation

Additional resources are included below for convenient reference.

Full Text of the CARES Act

Summaries of the CARES Act

Small Business Administration Resources