To read Bank of the Pacific's comments on the SBA release of PPP borrower names click here.
 
We are pleased to be able to assist our borrowers on the loan forgiveness step of the SBA Payroll Protection Program (PPP).   As you know, the PPP allows for all or a portion of the loan and accrued interest to be forgiven if the proceeds are used for payroll and certain non-payroll costs. 
If you were granted a PPP loan elsewhere, please contact the Institution that originated your loan to process your loan forgiveness application.

On June 16, 2020, the SBA, in consultation with the Department of the Treasury, released a revised PPP loan forgiveness application (“Application”) which implements the changes from the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020.  In addition to a revised full Application, the SBA has issued an abbreviated “EZ” Application which simplifies the process for certain borrowers.

In order to expedite the processing of your Application, we strongly encourage that you complete and submit your Application using the Bank’s online process outlined below. 

If you need assistance completing the Application, we recommend contacting your accounting or tax advisor.  As always, you may contact your Bank relationship officer with any questions.

To begin the process, we recommend that you print a copy of the relevant Application and instructions.    Please read the instructions thoroughly, and work through the entire Application before beginning the submission process outlined below.


NEW! - PPP SIMPLE Form 3508S

On October 8, 2020, the SBA in consultation with the U.S. Treasury, released a “simpler” loan forgiveness application for PPP loans of $50,000 or less.  The new application also makes borrowers for PPP loans under $50,000 exempt from: (1) any reduction in forgiveness based on FTE employee reductions; and (2) any reduction in forgiveness for any salary or wage reduction.
Borrowers must still complete a one-page application which includes certifications on the use of the funds. In addition, documentation is still required to be submitted for payroll and nonpayroll cost validation. 

NOTE:  This is not “blanket” or “automatic” forgiveness.  Borrowers must still provide support for their forgiveness request. 

All 3508S applications should be submitted using “OPTION 3” on the Bank’s website (see below) – which is the option for borrowers to file a scanned application and attach required documentation.

PPP SIMPLE Form Application and Instructions  - see Option 3 below.      
PPP EZ Form Application and Instructions - see Option 2 below.
PPP Loan Forgiveness Application - Full Application and Instructions (Revised June 16, 2020) - See Option 1 below

We strongly encourage that you submit your Application using the Bank’s online process. 

While the Bank will accept email or paper Applications, these are not preferred methods and may delay the processing of your Application. 

ONLINE APPLICATION INSTRUCTIONS

Before starting the online process, we recommend that you have all of the information required in the Application, including supporting documents.  We recommend you have the following information ready to complete or submit with your application:

  • Bank Loan Number – you will find your loan number on the top of the first page of your loan documentation. If you are unable to locate it, you should contact your officer of account for assistance
  • Payroll Documents – In addition to any internal payroll spreadsheets reconciling Payroll Costs, a Borrower must provide either a payroll report from its payroll processor or a bank statement showing the payment of the funds. This applies for both the FULL and the EZ Applications.
  • Non-Payroll Documents - Borrower’s must provide documentation that verifies the existence of the obligation (mortgage, rent, utility) prior to February 15, 2020. This could include February 2020 mortgage statements, lease contracts, and February bills to validate utility payments.

A Checklist of the potential items needed for your Application can be found  HERE

Once you begin the application process, you will have the option to save your work and resume at a later time. The Bank has retained ProBank as a partner to assist in processing your Application.  By submitting your application, you are giving your approval to have your information transmitted to ProBank for compilation and processing.

You have three options to submit your Application online:

Option 1:  Automated Application and Submission [ Click Here to Select this Option]  
Option 1 is for the FULL Application

that was revised June 16, 2020 and may be used for either an 8- or 24-week Covered Period.  Features include:

  • Online Data Entry Form
  • Autofill of Application pages required to be submitted, including calculations
  • E-signature capability
  • Direct submission of your Application to the Bank
  • Upload link for all supporting documents

This online tool including calculations is provided for your convenience.  Each Applicant is responsible for double-checking and certifying all calculations including the loan forgiveness amount.


Option 2:  Automated EZ Application and Submission [Click Here to Select this Option]

The EZ Application simplifies the process but does not change the requirement to submit documentation to support eligible payroll and non-payroll expenses.  The EZ Application may be used for either an 8- or 24-week Covered Period and is generally available to borrowers who are either:

(1)  self-employed with no employees; or

(2)  can certify they have not reduced the number of FTE employees AND have not reduced salaries or wages for any of their employees by more than 25%; or

(3) can certify they have experienced a reduction in business activity as a result of federal health directives related to COVID-19 AND have not reduced salaries or wages for any of their employees by more than 25%.   

Features include:

  • Online data entry form
  • Autofill of EZ Application pages required to be submitted, including calculations
  • E-signature capability
  • Direct submission of your EZ Application
  • Upload link for all supporting documents

This online tool including calculations is provided for your convenience.  Each Applicant is responsible for double-checking and certifying all calculations including the loan forgiveness amount.

Option 3: Submission of an Already Completed Application [ Click Here to Select this Option]
Option 3 may be used to submit either the Simple Application, EZ Application or Full Application. 

The process includes: 

  • Uploading your already completed Application (in PDF)
  • Uploading all supporting documents

Your loan forgiveness application information will be submitted to a third party (ProBank) for processing assistance.  By submitting your application, you are giving your approval to have your information transmitted to ProBank for compilation and processing.  Upon submission through any of the above options, you will receive an email confirmation that your Application has been received.  Processing time will be dependent on the volume of Applications received by the Bank.  The CARES Act allows the Bank 60 days to make decision on the loan forgiveness amount once a complete Application has been received.  The amount of loan forgiveness is not final until approved by both the Bank and the SBA. 

Because the Bank has retained a third-party to assist in processing your Application, you may receive emails from PPPLoanTeam@ProBank.com requesting additional information and/or clarification.  To ensure emails do not end up in your Spam or Junk folder you may want to add the domain name (probank.com) and the above email address to your “Approved Senders List” (also known as “white-listing”).