Paycheck Protection Program
PPP Resource Center
SECOND DRAW FORGIVENESS
Last Updated: July 29, 2921
It’s that time again! If you have an outstanding PPP loan, your cover period is over (8-24 weeks for Second Draw loans), and have exhausted your loan proceeds on allowable expenses, it is time to apply for PPP forgiveness. Please review the instructions for each of the following applications, and select the one that best fits your situation. If you have questions, please call us at 254-741-8000 or e-mail AskAlliance@alliancebanktexas.com.
- SBA Form 3508S – The shortest of the forms allows borrowers with loan amounts of less than $150,000 to self-certify that proceeds were spent appropriately. Supporting documentation is not required unless selected by the SBA for review.
- SBA Form 3508EZ – Like the 3508S, this is a relatively short form although it does require additional documentation to be submitted at the time of application. If you do not qualify to use the 3508S, see if this form fits your needs.
- SBA Form 3508 – This original long form application will primarily be used by borrowers who reduced their number of employees, their employees’ hours, or pay. This is a more involved process with additional documentation requirements than the 3508S or 3508EZ.
Last Updated: May 6, 2021
The Paycheck Protection Program has run out of money for most borrowers before its planned May 31 end, the Small Business Administration said. Going forward, the program will only accept new applications from community financial institutions, which typically serve minority borrowers, as about $8 billion in funding was set aside for such businesses.The SBA will continue to fund outstanding approved PPP applications from other lenders but won’t accept any new applicants. The exhaustion of funds, which was announced Tuesday (May 4, 2021), comes just weeks after the PPP was extended through the end of May to allow borrowers more time to apply for the forgivable loans. While many lenders and borrowers thought that the program would likely run out of money ahead of the May 31 deadline, the exact timing wasn’t known.
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