SBA Paycheck Protection Program Loans

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Update: May 5, 2021

SBA PPP Funding Ended

Funding for the SBA’s Paycheck Protection Program (PPP) has ended, and the SBA is no longer accepting PPP applications for first or second draw loans.

We are now turning our focus to helping our clients through the SBA’s loan forgiveness process. Loans may qualify for full loan forgiveness if, during the chosen 8-24 week covered period, the following criteria is met:

1. The employee and compensation levels are maintained;
2. Loan proceeds are spent on eligible expenses (up to 40%) and payroll costs (up to 60%).

Once the covered period has elapsed, please contact us at 508.568.1214 or [email protected] for your unique forgiveness application link to apply.

Through the PPP program, we were privileged to be able to help over 1,400 businesses on the Cape with PPP loans totaling over $120 million! That means we were able to help keep well over 10,000 people employed in our community! Thank you to all of our clients for working with our team to keep our business community thriving on the Cape.

If you have any questions, please contact 508.568.1214 or [email protected].

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Update: March 5, 2021

Simplified PPP Forgiveness Application Available Online for Loans $150,000 and Less

The simplified forgiveness application (form 3508S) for loan amounts of $150,000 less is now available to access online. We emailed our customers their personal link on March 5, 2021.

In order to submit the simplified forgiveness application, borrowers will need the following information:

• The number of employees at the time of loan application and at the time of forgiveness application;
• Amount of the loan proceeds spent on payroll costs;
• Requested loan forgiveness amount;
• And attestations that the usage of PPP loan proceeds and calculations used for applying for a PPP loan were accurate.

For any customers that are having issues logging in, please email us at [email protected].

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PPP Forgiveness Application Resources

Useful guides and videos to help prepare you for the process and to make it as streamlined as possible are available through our technology partner’s website: https://www.web.abrigo.com/cape-cod-cooperative-bank-ppp-forgiveness.
Here are the steps we recommend to make the process as easy as possible for you:

• Review the first 2 PPP Forgiveness Application Guide Videos: Forgiveness Requirements – Supporting Documentation and PPP Software – Accessing the Application. (https://www.web.abrigo.com/cape-cod-cooperative-bank-ppp-forgiveness)
• Determine if you are eligible to complete the PPP 3508EZ Forgiveness application, by visiting the Treasury’s website (https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf), and read through the boxes on page one.
• If you can check at least one of the three boxes on page one, you are eligible to use the 3508EZ and will not need to review any other videos.
• If you determine that you are not eligible to use the EZ form, you will need to complete the 3508 Full Application. We recommend that you review the remaining videos, which include information and helpful tips on preparing the documentation, calculations, and inputs for the application process. The Final Upload and Submission Videos are especially important to ensure PPP Loan Forgiveness.
• SBA Interim Final Rules for forgiveness have been released (Updated 1/19/2021).
• The SBA released new FAQs on PPP Loan Forgiveness, Click here to download.

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Forgiveness Application Request Link

On Monday, August 10th, personalized PPP Loan Forgiveness Application links were emailed out to each business that had applied for a PPP Loan. If you did not receive that email with your personalized link, please reach out to your Commercial Relationship Manager or Branch Manager – Small Business Specialist. The email came from [email protected].

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Forgiveness Application Request Tips

1. Establish a PIN – You will be prompted to set up a PIN to access this link. Be certain to record the PIN as you will need it to continue to access and complete the forgiveness request. Only one PIN will be provided per company. You can access the application using this PIN as many times as you need to complete the application for forgiveness.
2. Check Your EZ Form Eligibility – Click the blue button to determine if you are eligible to use the EZ form for your forgiveness application. The application will automatically change to an EZ form if one of the three scenarios presented applies to your business. If you are able to select at least one of the boxes, scroll to the bottom of the page and select “Save and Close”. If these scenarios do not apply to your business, select “Cancel” at the bottom.
3. Help Text/Suggested Documents – Many of the input fields have a small “?” next to the field that describes what the form is looking for. If you are unsure of what to enter in a text block, please click on one of these “?” for an answer. In some areas in the application, there are hyperlinks for “Suggested Documents” that will aid you in completing that particular section correctly.
4. Save Buttons –Save buttons are displayed in many areas of the application. Please remember to save often as you progress through the application so your information is captured.
5. Verify Information – If any of the information is inaccurate in the prepopulated areas of the forgiveness application, please contact your relationship manager so we can correct it.
6. Schedule A – For those companies that need to complete the full application, you may either input the calculated values for the Schedule A or download a blank worksheet from the portal, enter the appropriate values into the worksheet, and the worksheet will calculate the inputs for you. Once the worksheet is completed, it can be uploaded to the application and the values will automatically fill in for you.

Our goal is to provide you a smooth forgiveness application process. If you have any questions or need help at any time, please reach out to your Commercial Relationship Manager or Branch Manager – Small Business Specialist. We’re here to help you get your PPP Loan Forgiven!

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PPP Loan Forgiveness Documents Needed by Business Type

Keeping accurate records of how you spent the PPP proceeds will help ensure you meet the SBA required documentation requests and maximize the forgiven portion of your loan.  To ensure that 100% of your loan is forgivable, at least 60% of the funds must have been used for payroll expenses with the remainder spent on certain eligible, non-payroll expenditures. Remember that the Covered Period can either be an 8 or 24 week period, determined by you at time of application for forgiveness.

Depending on how your business is organized, you will need many of the documents outlined below:

Self Employed, Schedule C Borrowers

• You will need to prove your expenses for utilities, rent, and mortgage interest. However, for the owner compensation replacement, you just need to provide your 2019 Schedule C to be able to claim net profit for forgiveness.

Payroll Documentation:

LLPs, Partnerships, S-Corps, and Corporations

You will need to provide documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or Alternative Payroll Covered Period.  Not all of the forms listed below will be applicable to all organizations.

• You will need Bank statements or third-party payroll provider statements, IRS Schedule K1s, tax form 941 or 944 or equivalent third-party payroll service provider statements;
• A copy of the quarterly employment and wage detail reported to the Department of Unemployment Assistance, or their equivalent from your payroll processor;
• Report of your quarterly unemployment insurance contributions;
• If you have payroll, Records of any retirement or health insurance contributions;
• Employer Medical Assistance Contribution (EMAC);
• Workforce Training Fund contributions;
• Payment receipts, canceled checks or account statements for eligible non-payroll expenses;
• An invoice, bank statement or payroll documents showing you were in operation and had employees on February 15, 2020.

LLPs and Partnerships

For LLPs and Partnerships, you will need the following documents for payroll documentation:

• Schedule K-1s, IRS Form 941 or 944 for 2019 if you have payroll;
• State quarterly wage unemployment insurance tax reports or their equivalent from you payroll processor;
• If you have payroll, Records of any retirement or health insurance contributions;
• An invoice or bank statement showing you were in operation on February 15, 2020;
• A payroll statement or similar documentation showing you had employees on February 15, 2020.

Non Payroll Documentation:

You should plan to provide documentation that verifies the existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period, which can be either an 8 or 24 week period.

• Mortgage Interest on Business Property: You will need to gather Bank mortgage account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments; alternatively you could provide a copy of an eligible mortgage promissory note and copies of receipts or cancelled checks verifying payments from the Covered Period.
• Lease Payments on Business Property: You will need to provide a copy of your current lease agreement and receipts or cancelled checks verifying payments from the Covered Period.  These documents should be from February 2020 through the Covered Period.
• Utility Payments: You will need bills and cancelled checks for the eligible utility payments including services for electricity, gas, water, telephone, transportation, or internet access for which service began before February 15, 2020, through the covered period.

We will update PPP borrowers via email and updates will be posted on this page. If you have any questions or concerns, please reach out to your Commercial Relationship Manager or Branch Manager – Small Business Specialist.