Paycheck Protection Program (PPP)

Small Business Financing

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NOTICE: The SBA’s Paycheck Protection Program ended May 31, 2021. The Regions PPP Portal is closed to all new PPP loan applications. The portal remains open for loan forgiveness applications and to check the status of existing PPP forgiveness applications.

The U.S. Treasury and the SBA have continually modified the PPP Forgiveness program. We recommend that you continue to watch for updates. You can find detailed information on the SBA and U.S Treasury page websites.

  • Simplified Forgiveness Application - Form 3508S: Currently Available through Regions PPP Portal
    • Borrowers with loans $150,000 or less are eligible to use the streamlined Simplified Forgiveness Application (Form 3508S)
    • First-draw borrowers using the Form 3508S Application will not have to provide any supporting documentation, unless requested.
    • Second-draw borrowers using the Form 3508S Application must provide documentation of the 25% revenue reduction when such borrowers apply for forgiveness.
  • PPP Forgiveness Application for loans more than $150,000 – Form 3508 or Form 3508EZ: Available through the Regions PPP Portal
    • Borrowers will be able to submit either the Standard Loan Forgiveness Application, Form 3508 or Form 3508EZ, depending on eligibility.
    • Form 3508EZ requires fewer calculations and less documentation for eligible borrowers than the Standard Form. You must meet one of the requirements found in the Form 3508EZ Instructions opening checklist to be eligible to apply for forgiveness using the Form 3508EZ.

There are important guidelines outlined by the SBA for how you spend PPP funds and your eligibility for loan forgiveness.

  • All or some portion of the loan principal and accrued interest can be forgiven if you use the loan funds for purposes that fully meet the forgiveness requirements issued by the SBA.
  • The actual amount of the forgiveness will depend, in part, on your use of all of the loan funds for forgivable purposes and whether you maintain employee and compensation levels during the required periods.

For additional information on recent updates to forgiveness rules, please refer to the SBA guidance.

You can log in to check the status of your submitted loan forgiveness application through our PPP Portal.

Please remember you will need your Online Banking credentials to access the Regions PPP Portal and begin the Forgiveness Application process.

Note: Application processing times, application authorization, and forgiveness of funds are not guaranteed and are dependent on, among other things, SBA systems availability, processing and SBA guidelines.

 

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