To read Bank of the Pacific's comments on the SBA release of PPP borrower names click here.
Thank you for working with Bank of the Pacific to secure your funds through the SBA’s Paycheck Protection Program (“PPP”). As you are likely aware, the PPP allows a portion, or all, of your loan and accrued interest to be forgiven if the proceeds were used for eligible payroll and non-payroll costs.
Prior to January 19, 2021, the SBA permitted PPP borrowers to use one of three loan forgiveness applications, including Form 3508 (the “Full Application”), Form 3508EZ (the “EZ Application”) and Form 3508S (the “Simple Application”). The EZ Application simplified the forgiveness process for certain borrowers, while the Simple Application further streamlined the process for all PPP loans of $50,000 or less.
On January 19, 2021 the SBA released updated and revised forms for each of the Full, EZ and Simple applications. The 3508S - Simple Application is now available to all borrowers who have loans of $150,000 or less, and does not require the borrower to submit supporting documentation beyond the application itself.
To begin the loan forgiveness process, we recommend you print and review a copy of the applicable January 19, 2021 revised application and instructions relevant to you.
To expedite the processing of your Application, we encourage you to submit your Application using the Bank’s online process linked 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.
If you were granted a PPP loan elsewhere, please contact the Institution that originated your loan to process your loan forgiveness application.
Links to the Full, EZ and Simple Applications, as revised January 19, 2021, along with instructions can be found below:
NOTE: This is not “blanket” or “automatic” forgiveness. Some loan levels will require documented support to be provided with the forgiveness request.
(May be used for loans $150,000 or less and does not require you to submit any supporting documentation as part of your Application)
If you need assistance with completing the Application, we recommend contacting your accountant, tax advisor, or attorney. Your payroll provider may be able to assist with the required payroll and employee information.
In order to expedite the processing of your Application, we strongly encourage you to submit your Application by using the online process provided below. While we will accept email or paper Applications, this 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.
Even if you are not required to submit supporting documents with your Application, documents and records are still required to be maintained by all applicants.
A Checklist of the potential items needed for your Application can be found HERE.
Additional resource information may be found at the SBA’s PPP webpage.
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 through an encrypted and secure upload to ProBank for compilation and processing.
To Submit Your Completed Application [ Click Here]
You may use this link to submit the Simple Application, EZ Application or Full Application.
The process includes:
- Uploading your already completed Application (recommended in PDF)
- Uploading any required supporting documents (recommended in PDF)
Upon submission you will receive an email confirmation that your Application has been received. Processing time will be dependent on the volume of Applications received by Bank of the Pacific. The CARES Act allows the Bank 60 days to approve an Application once a complete Application has been submitted. The amount of loan forgiveness is not final until approved by both Bank of the Pacific and the SBA.
Throughout this process, we will be working with ProBank Austin, a consulting firm we have partnered with before, to expedite the forgiveness process. You may receive emails from PPPLoanTeam@ProBank.com requesting additional documentation or details about your Application. 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”).