Small Business Loans
The Federal government allocated over $670 billion to help small businesses keep workers employed during and after the COVID-19 pandemic through the Coronavirus Aid, Relief and Economic Security (CARES) Act. The initiative is known as the Paycheck Protection Program.
Entry into the Paycheck Protection Program has been closed.
Currently there are two forgiveness application forms (full and EZ). The EZ form (Form 3508EZ) applies to borrowers that:
EZ PPP Loan Forgiveness Form
- Are self-employed and have no employees; OR
- Did not reduce the salaries of 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%.
Full PPP Loan Forgiveness Form
Frequently Asked Questions on PPP Loan Forgiveness are available on the SBA.gov website.
A bill called The Paycheck Protection Small Business Forgiveness Act, which has been introduced into the Senate, would allow businesses who received a PPP loan of $150,000 or less to be granted automatic forgiveness after submitting a one-page attestation form. The bill is pending in the Senate. As we receive more information, we will provide an update here.
RSI Bank PPP Loan Customers
If you are a PPP loan borrower through RSI Bank and you have questions about the forgiveness application process, please call us for further guidance. We're here to help.
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RSI Bank and its affiliates do not provide tax, legal or accounting advice. Always consult your tax, legal and accounting advisors on your particular situation.