As part of the Economic Aid Act signed into law in December of 2020, changes were made to the forgiveness process for PPP loans of $150,000 or less. A revised 3508S forgiveness form was created for these loans, and this revised form is now available within Signature Bank’s PPP Forgiveness Portal. It is important to note that while you can complete these forms within our Portal, the SBA is currently NOT accepting these applications for approval via electronic submission at this time. The SBA is likely to begin accepting these applications in early March.
The SBA is no longer requiring any documentation from these Borrowers to be provided at the time of application for forgiveness with the revised 3508S form. All Borrowers are still bound by the same rules with regards to the use of the funds and loan forgiveness calculation requirements. Borrowers under $50,000 will continue to not be bound to rules regarding full time employee reductions.
Borrowers are required to retain relevant records related to these loans, as the SBA may choose to review and audit these records at any time.
We welcome you to log into our Forgiveness Portal at your convenience to complete this new application using the link below: