Paycheck Protection Program Forgiveness

The SBA has provided information on the PPP loan forgiveness process. Northwest Bank has developed a step-by-step workflow for you to follow and complete your forgiveness application. For additional relief programs please visit the SBA website.  

 SBA Website

For Borrowers At or Under $150,000

The SBA has recently created the 3508S Form.  Click below for the instructions and application to complete the 3508S Form.  

For PPP loans of $150,000 or less, you may use 3508S. However, a borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form. You must use either the 3508EZ or the 3508 Application.

Certain business entities (some farmers, partnerships, and seasonal employers) may increase their 2020 PPP Loan. If you plan on applying to increase your 2020 PPP Loan - DO NOT complete this forgiveness form. Once your 2020 PPP Loan is forgiven, the SBA does not allow that loan to be increased. 

3508S Application

For Borrowers Over $150,000

Click below for the instructions and application to complete the 350EZ Form. 

For PPP loans over $150,000, you may use 3508EZ if you meet ONE of the following conditions:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%.

If you do not meet ONE of the above standards for 3508EZ, you must use the 3508 “Revised” Application.

  • The regular form 3508 is a more complex document; for those borrowers who need to use it we suggest you seek professional assistance. 

Certain business entities (some farmers, partnerships, and seasonal employers) may increase their 2020 PPP Loan. If you plan on applying to increase your 2020 PPP Loan - DO NOT complete this forgiveness form. Once your 2020 PPP Loan is forgiven, the SBA does not allow that loan to be increased. 

3508EZ Application

PPP Resources

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