Apply for SBA PPP Loan ForgivenessBanner Bank is accepting applications for loan forgiveness and encourages you to apply for forgiveness as soon as you're eligible and have utilized your full loan proceeds toward allowable expenses. The SBA has granted full forgiveness to the vast majority of our clients who have applied. Apply now to have the peace of mind SBA’s forgiveness determination provides.
PPP Loan Forgiveness Resources
FORGIVENESSClients may apply for loan forgiveness via the Banner Bank Business Loan Portal. Banner Bank’s Business Loan Portal will step you through a series of questions, and your responses will determine which SBA application form will be generated. In short, use the following as a guide:
- Form 3508S is used only for loans of $150,000 or less.
- Form 3508EZ is used for borrowers who:
- Are self-employed and have no employees, and whose loan was more than $150,000 or;
- Have employees but did not reduce their wages by more than 25%, did not reduce headcount, and did not reduce employee hours, OR
- Have employees but did not reduce wages by more than 25% and could not operate as normal as a result of reduced business activity due to COVID-19 health guidance restrictions.
- Form 3508 will be generated for clients whose loan does not qualify to use Form 3508S or 3508EZ.
Clients with loans greater than $150,000 will be required to provide additional documentation of your forgiveness-eligible expenses during the application process.
Banner's Business Lending Experts Are Standing BySBA’s PPP loan program, may be over, but SBA offers other programs that may assist your business. As an SBA-preferred lender, Banner Bank's SBA relationship managers can help you navigate the financial resources that may be available to your business. Give us a call today.
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