PPP Loan Forgiveness

Paycheck Protection Program (PPP)

The U.S. Treasury and the SBA have continually modified the PPP guidelines since the program started. We recommend that you continue to watch for updates regarding the PPP and its guidelines throughout the loan process, including how you may use the proceeds, which expenses may be paid using the proceeds, and any additional guidance that may be issued on loan forgiveness. You can find detailed information on the SBA and U.S. Treasury websites.

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 amount of your loan that is forgiven may be reduced if you do not completely follow the requirements.
  • 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.

The Paycheck Protection Program Flexibility Act (PPPFA) changed some of the guidelines related to forgiveness of PPP loans. We recommend that you study the PPPFA carefully. Consult an attorney, accountant, or other professional advisor regarding how it may specifically impact your particular situation.

Applying for PPP Loan Forgiveness

Regions is currently accepting forgiveness applications. We have developed a digital tool that makes it easier to complete and submit your forgiveness application and upload the required supporting documents.

  • Borrowers will receive an email with a link to the digital tool.
  • Borrowers with loans greater than $50,000 should have received an email to apply for loan forgiveness.
  • If you have a loan greater than $50,000 and you did not receive an email, contact your local branch or relationship manager.

Forgiveness for PPP Loans $50,000 or Less

The SBA and U.S Treasury released a simpler forgiveness application for PPP loans of $50,000 or less (Form 3508S) on October 8. The new application simplifies documentation requirements and removes calculation requirements. The SBA and Treasury also made changes that enable lenders to process forgiveness applications faster.

We are currently making updates to our digital PPP Forgiveness Portal to provide eligible borrowers the new simpler Form 3508S application with a process to electronically upload the required supporting documentation. We will provide updates about the release of the new simpler application Form 3508S. We will also send you an email with the link to access the new Form 3508S application when it is live.

For additional answers to questions you may have about PPP Loan Forgiveness, read our PPP Loan Forgiveness FAQs.

PPP Loan Forgiveness FAQs

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