Today’s Bank is now accepting forgiveness applications for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The SBA is frequently issuing updated information on the PPP Loan Forgiveness. Click here for the SBA FAQ on PPP Loan Forgiveness.
Loan Forgiveness Instructions & Applications
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). Today’s Bank will not pay fees to or otherwise compensate anyone acting as an agent of the business for advising on or assisting in the preparation of the Paycheck Protection Program Forgiveness Application.
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). Today’s Bank will not pay fees to or otherwise compensate anyone acting as an agent of the business for advising on or assisting in the preparation of the Paycheck Protection Program Forgiveness Application.
- Today's Bank is now accepting applications through the SBA Direct Forgiveness portal. The questions asked correspond with 3508S application for loan amounts $150,000 and less.
- Click here to download the Paycheck Protection Program Loan Forgiveness Application
- Click here to download the Paycheck Protection Program EZ Loan Forgiveness Application
- Click here to download the Paycheck Protection Program 3508S Forgiveness Application-$150,000 and less
Loan Forgiveness Requirements
When you apply, you will need to provide documentation for your eligible expenses. If you have questions about eligible expenses, please visit SBA website for a complete list. The checklist and chart provided will help guide you in preparation of the information submitted to the bank.
When you apply, you will need to provide documentation for your eligible expenses. If you have questions about eligible expenses, please visit SBA website for a complete list. The checklist and chart provided will help guide you in preparation of the information submitted to the bank.
SBA Forgiveness Approval Process
We are anticipating approximately five months from the time you submit the completed Forgiveness Application to the bank before we will receive SBA approval and the forgiveness funds. Once those SBA forgiveness funds are approved and are applied to your loan, we will communicate with you the forgiveness amount and the repayment terms, if any.
We are anticipating approximately five months from the time you submit the completed Forgiveness Application to the bank before we will receive SBA approval and the forgiveness funds. Once those SBA forgiveness funds are approved and are applied to your loan, we will communicate with you the forgiveness amount and the repayment terms, if any.
We’re Here to Help
We realize that these are unprecedented times and you may have questions relating to the PPP loan or Forgiveness Application. Wherever you are in the process, we are here and ready to help. For specific information about your business, please reach out to your Today’s Bank lender.
We realize that these are unprecedented times and you may have questions relating to the PPP loan or Forgiveness Application. Wherever you are in the process, we are here and ready to help. For specific information about your business, please reach out to your Today’s Bank lender.
The SBA's site and the Treasury's site are frequently updated as the program continues to evolve.
