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, including any additional guidance that may be issued on loan forgiveness. You can find detailed information on the SBA and U.S. Treasury websites.

  • Simplified Forgiveness Application - Form 3508S: Currently Available through Regions PPP Portal
    • The Small Business Administration (SBA) recently expanded eligibility so that borrowers with loans $150,000 or less are eligible to use the Simplified Forgiveness Application, Form 3508S (expanded from $50,000 or less). Using the Form 3508S should significantly streamline the process for eligible borrowers and enable them to easily complete their Forgiveness Application.
    • 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 as of April 13, 2021
    • These borrowers will be able to submit either the Standard Loan Forgiveness Application, Form 3508 or Form 3508EZ Forgiveness Application, depending on eligibility. You are eligible to apply for forgiveness under the Form 3508EZ if you meet one of the specified requirements found in the Form 3508EZ Instructions opening checklist. The Form 3508EZ requires fewer calculations and less documentation for eligible borrowers than the Standard Form.

We also want you to be aware that there are additional changes to the PPP forgiveness process, including new covered period definitions, as well as new categories for covered non-payroll costs for loans over $150,000.

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, according to the CARES Act, the Paycheck Protection Program Flexibility Act (PPPFA), recently-enacted legislation, and SBA rules.

We recommend that borrowers carefully review the CARES Act, PPPFA, recently enacted legislation and SBA rules, and consult with their attorney, accountant or other professional advisor(s) as they consider use of funds and their particular situations.

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

If you submitted your loan forgiveness application to us for review, we will be contacting you soon with next steps once we receive further guidance from the SBA. 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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