PPP Loan Forgiveness

PPP Loan Forgiveness

Highpoint Community Bank is now accepting PPP Loan Forgiveness Applications. Please use the links below to guide you in this process:

SBA Application Link

EZ application form, Instructions 3508EZ

Full forgiveness form, Instructions 3508

New interim final rule

FAQs (08/04/2020)

Here is a quick summary of who will qualify to use the new EZ form:

The new EZ form applies to borrowers that:

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

The SBA also issued a new interim final rule implementing PPP Flexibility Act reforms, including updates to the forgiveness covered period.  Both applications allow borrowers to use the original eight-week covered period (for loans made before June 5) or an extended 24-week covered period authorized by the PPPFA.