Paycheck Protection Program


Please click the headings below for more information related to the process for completing the PPP Loan Forgiveness Application along with supporting documentation.

Additional information is also available on the Small Business Administration website.

Please reach out to your Relationship Manager directly with any questions, or contact our Customer Care Team at 518.730.3000. Additionally, borrowers may reach out to the SBA PPP Customer Service Team at 877-552-2692.

 

PPP Loan Forgiveness


When Should I Apply for Forgiveness?

You have the option to utilize the 8-week covered period or the extended 24-week covered period. Things to know about this option:
  • If you elect the 24-week option period, you can apply for forgiveness at any time, up to 10 months from the last date of your Covered Period.
  • Once you can document that you spent 100% of the loan proceeds on business expenses eligible for loan forgiveness, you should apply for your forgiveness. Eligible costs include:

    • Payroll expenses, including salaries, wages, tips, commissions, and bonuses during the covered period not in excess of $100,000 per year, per employee, annualized. Basically up to $1,923 per week per employee.
  • Costs of health care insurance premium and retirement contributions made by you as the employer as a benefit to your employee (excludes employee paid portion)
  • Rent and lease expenses for business location and business assets that were in place prior to 2/15/2020
  • Interest payments on business loans that were in place prior to 2/15/2020
  • Utilities including electricity, gas, phone, water, trash removal, transportation expenses (gas and/or mileage reimbursement), internet and security monitoring

 

How Long Will it Take?

Although there is no process published by the SBA and US Treasury for submitting the applications for forgiveness to the SBA, the lender has been given clear guidance on its responsibilities to process the applications.
  • Once you have submitted in the forms and supporting documentation, the lender has 60 days to process and submit to the SBA.
  • The SBA has up to 90 days to repay the lender the forgiveness portion of the loan including all accrued interest on the portion forgiven.
Step 1: Register for the SBA PPP Direct Forgiveness Portal
  • Borrowers should register on the SBA PPP Direct Forgiveness Portal at directforgiveness.sba.gov.
Step 2: Complete Application
  • Follow the on-screen directions to upload your application and any additional documentation.
  • If you are unable to complete your application, you may return to the portal and log-in using the credentials used when registering.
Questions? The SBA offers live customer service to borrowers at 877-552-2692.
Step 1: Complete the Checklist
  • Click here to download the Checklist
  • Select Box 1, 2, or 3, as instructed
  • Use this form as a reference for completing Form 3508EZ
Step 2: Complete Application Certification to Lender
Step 3: Complete Form 3508EZ
  • Click here to download Form 3508EZ
  • Complete all fields 
    • Contact Pioneer if you do not know your PPP loan number and lender loan number
    • Covered Period: This is the date you received the loan through 8 weeks (56 days) or 24 weeks (168 days)
    • Alternative Payroll Covered Period: This is the date of the first payroll after you receive the loan through 8 weeks (56 days) later. This is only if you opt for the 8-week covered period and not the 24-week covered period and your payroll schedule is either weekly or bi-weekly.
  • Complete the calculations, lines 1 through 8
  • Initial each of the certifications
  • Sign the form as an Authorized Representative of the Borrower
Step 4: Gather Required Documentation
  • If you selected Box 1 on the Checklist, provide the following documentation:
    • A copy of your bank statements showing:
      • Deposit of PPP Loan Funds to your account
      • All transactions made on the account during the covered period
  • If you selected Box 2 on the Checklist, provide the following documentation:
    • Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees (please include employee compensation detail by employee)
    • Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
      • Payroll tax filings reported, or that will be reported, to the IRS (typically Form 941); and
      • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
    • Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount.
    • Payroll report showing the average number of full-time equivalent employees on payroll employed by the Borrower on January 1, 2020 and at the end of the Covered Period. Include the employee detail showing name, compensation, and hours worked for all periods.
  • If you selected Box 3 on the Checklist, provide the following documentation:
    • Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees (please include employee compensation detail by employee)
    • Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
      • Payroll tax filings reported, or that will be reported, to the IRS (typically Form 941); and
      • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
    • Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount.
  • Documenting Non-Payroll Expenses
    • Mortgage Interest Payments
      • Copy of lender's amortization schedule (you will have to request this from your lender)
      • Receipts or cancelled checks showing proof of loan payments made from February 2020 through the covered period, plus the next month's payment
    • Business Rent or Lease Payments
      • Copy of the Lease Agreement(s)
      • Receipts or cancelled checks showing proof of lease payments made from February 2020 through the covered period, plus the next month's payment
    • Business Utility Payments
      • Copy of invoices and/or billing statements from utility provider from February 2020 through the covered period
      • Copy of receipts, cancelled checks, or account statements showing proof of utility payments made
Step 5: Upload Documents

Use the upload links provided by your Relationship Manager or Branch Manager to upload all necessary supporting documentation.