PPP applications began to be accepted by only non-bank institutions servicing low to moderate income neighborhoods on January 11th. SBA Application window closes on March 31, 2021.
The SBA has provided detailed information about the Coronavirus Relief Options (sba.gov).
Please review the latest interim final rules IFR: Paycheck Protection Program (PPP) as Amended by the Economic Aid Act (sba.gov) and IFR: Paycheck Protection Program (PPP) Second Draw Loans (sba.gov) and the Borrowers Application and Second Draw Application form with your legal, tax and accounting advisors to understand how they apply to your business and in preparation for your application.
First draw customers, please see How to Apply on Summit’s PPP website and the SBA website for common questions and answers.
The following is the list of items you will need in order to complete the PPP Forgiveness Application:
- Copies of payroll tax reports filed with the IRS (including Forms 941, state income and unemployment tax filing reports) or equivalent third-party payroll service provider reports.
- Copies of payroll reports for each pay period (including partial pay periods in some cases). Gross wages including Paid Time Off (PTO), which might include vacation, sick and other PTO, in addition to supporting documentation for the Full-time Equivalent (FTE) calculations should be included.
- Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company. Copies of monthly invoices should suffice.
- Documentation of all retirement plan funding by the employer. Copies of workpapers, schedules and remittances to the retirement plan administrator should be available.
- Copies of all real estate lease agreements incurred prior to February 15, 2020 should be presented along with proof of payment. Cancelled checks should be sufficient and/or;
- Copies of all mortgage statements of interest paid on company occupied commercial real estate for debt obligations incurred prior to February 15, 2020 should be presented along with proof of payment. Cancelled checks should be sufficient.
- Copies of cancelled checks, statements or other evidence of eligible utilities paid.
For Self-Employed Income for single-member LLCs, sole-proprietorships, Independent Contractors, Self-employed individuals please include the following information:
Evidence via cancelled checks of total amount paid to owner-employee/self-employed individual/general partners not to exceed $20,833 in cash compensation for line 1 of the PPP Schedule A in the loan forgiveness application.
IMPORTANT INSTRUCTIONS FOR PROCESSING FORGIVENESS APPLICATION!
Summit State Bank instructions on how to load your completed Forgiveness Application and send it to the Bank. Click here for complete details.
Click here for PPP Forgiveness Factsheet
Click here for PPP Instructions for Form 3508S for loans of $50,000 or less (12-29-23)
Click here for PPP Application for Form 3508S for loans of $50,000 or less (12-29-23)
Click here for PPP Instructions for Form 3508EZ (12-29-23)
Click here for PPP Applications for Form 3508EZ (12-29-23)
Click here to download Instructions for the PPP Loan Forgiveness Application (12-29-23) »
Click here to download Application for the PPP Loan Forgiveness Application (12-29-23) »
Once you've completed the Forgiveness Application, please send it back to Summit from your box.com account.
Here’s how to log in:
- Go to app.box.com/login
- Enter your email/username
- Enter your password
- Click Log In
Forgot your password? No worries: Just click the Forgot Password link.
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