The Small Business Administration (SBA) recently announced a new forgiveness form, Form 3508S, which streamlines forgiveness for borrowers with PPP loans of $50,000 and under.   Click here to read the interim final rule.

If you have a PPP loan of $50,000 or under:

Our forgiveness portal will be updated with the new form in mid-November.  At that time, you will receive an email containing a link providing you with access to the portal.  The email will also include instructions on how to use the 3508S form along with a list of documentation you must submit with the form. 

If you have a PPP loan between $50,001 and $150,000:

Links will also be sent out in the near future to all borrowers with PPP loans between $50,001 and $150,000.  Although these loan amounts are not eligible for the 3508S form, many will be eligible for the alternative to the 3508 “long form” application, the 3508EZ which also streamlines the process.  Our 3rd party software program will guide you as to which form you are eligible for.  

Payment Deferral Reminder:

We also want to remind PPP borrowers that, per recent SBA guidance, principal and interest payments are deferred until after the SBA makes a decision on forgiveness.  Depending on the date of your PPP loan, your CNB PPP note may state that payments are due earlier.  As stated in the guidance, no formal note modification or replacement is necessary and SBA guidance takes precedence.   

Forgiveness Timeframe: 

We want to remind PPP customers that they have 10 months from the end of their “covered period” (up to 24 weeks from loan disbursement) to submit their forgiveness application to us.  After we receive the application, review, and submit to the SBA, they have 90 days to review and make their forgiveness decision.

The Paycheck Protection Program (PPP) continues to evolve and we understand this poses challenges for you and your business.  We are committed to navigating through this process with you and appreciate your patience as we work to keep pace in this dynamic environment.

Our Commitment

We understand this is a difficult time for many.  As your community bank, we are committed to working through these hardships together.  Please contact your banker to discuss ways to maintain financial health through this challenging time.