PPP Loan Forgiveness Resources
We hope that the PPP forgiveness resources provided to date, including the webinars, presentations, FAQ library, video and guide have been helpful to our clients in navigating what has been a complex and evolving process. Links to these PPP resources, including the Loan Forgiveness Calculation Model, are located on the right side of this page.
CBC is now accepting applications for PPP loan forgiveness. If your forgiveness application is ready, including completion of the Loan Forgiveness Calculation Model as well as availability of all required supporting documentation, please contact your Relationship Manager or Banking Services Officer for further instruction on next steps.
- Please do not forward confidential information or forgiveness application documents by email.
- Applications will be accepted only through a specific secure upload link that will be provided to you by your Relationship Manager or Banking Services Officer.
2021 PPP Round Two Resources (click below)
! Important Update – 2/24/21 ! The Biden-Harris Administration and SBA have announced updates to the Paycheck Protection Program (PPP):
Beginning Wednesday, February 24, 2021 at 9 a.m. ET, and continuing for a period of 14 days, eligible PPP loan application submissions will be limited to businesses and nonprofits with fewer than 20 employees. (While CBC will still be able accept applications on behalf of our clients during this time, submission of those applications to the SBA during the 14 day period will be limited to eligible borrowers with less than 20 employees.)
Important Forgiveness Update 〉 On January 19, 2021, the Small Business Administration (SBA) released an updated Form 3508S, which allows for a simplified loan forgiveness process for PPP borrowers with first or second draw loan amounts of $150,000 or less.
Our goal is to make this process as straightforward and simple as possible for you, therefore have created a Quick Calculation Model for the the new 3508S form, as well as a documentation checklist to guide you through the application process.
Here, you will find links to download the Loan Forgiveness Calculation Model, a How-To Video that walks you through the model, and a detailed User Guide that carefully explains each part of the model. PLEASE WATCH THE VIDEO AND READ THE USER GUIDE before beginning to enter data into your model. Doing so will save you considerable time and effort and help to avoid any unnecessary rework.
CBC Forgiveness Documentation Checklist (updated 02.23.21) – click here.
Calculation Model User Guide – click here.
How-To instructional video – click here.
Loan Forgiveness Calculation Model (updated 02.22.21) – click link below to download. Note, this updated Calculation Model will be replacing both models previously listed (new model below accommodates both the 3508 and 3508EZ applications).
We will provide an updated FAQ Library weekly. Questions deemed specific to individual businesses will receive a direct response each week. Due to the significant volume of questions and answers to date in the FAQ Library, an updated searchable format was created and is linked below.
FAQ Searchable Library (updated as of 01/27/21) – click here.
Click on the links below to access our recorded webinars.
For your convenience, below are links to downloadable copies of our webinar presentation slides.
- All About PPP 2.0 and the Employee Retention Credit Webinar – 01/25/21
- PPP Forgiveness Instructional Webinar -07/01/20
- New PPP Forgiveness Rules Live Q&A -06/11/20
- PPP Forgiveness Live Q&A -05/28/20
The Guide and Video in the tab above cover a wide array of topics and provide answers to most common questions. However, if after viewing the video and reading the guide you are in need of additional clarification, you can forward inquiries to CBCModel@armaninollp.com.
Note: This email is for inquiries only. Please do not send confidential information to this address. If referencing your specific loan number, please submit with only the last five digits.
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