Paycheck Protection Program Loan Forgiveness File Submission
Welcome to the Paycheck Protection Program Loan Forgiveness upload portal. This portal is exclusively for ChoiceOne Bank business customers.
Starting August 4, 2021, for PPP borrowers with outstanding loans of $150,000 or less the SBA will start contacting borrowers to facilitate forgiveness applications directly. If your PPP loan is less than $150,000 and you have already submitted PPP forgiveness request to the bank no further action is required.
The BEST resource for PPP Loan forgiveness information is directly on the SBA website. The below is a summary from the SBA website.
PPP Loan Forgiveness Terms Summary
PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained (per Round 1 and Round 2 rules)
- The loan proceeds are spent on payroll costs and other eligible expenses; and
- At least 60% of the proceeds are spent on payroll costs
How and when to apply for loan forgiveness
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
Please read all instructions before proceeding:
Step 1. Determine if you qualify for the EZ Form (Option A) or Full Form (Option B)
Step 2. Download and complete PPP loan forgiveness application (Either Option A or B)
Step 3. Gather supporting documents
Step 4. Upload and submit documents
For more information please see the SBA PPP Loan Forgiveness Guide (pdf) and the SBA PPP Loan Forgiveness Calculator (xlsx).
Step 1: Determine what form to use:
If your loan is under $150,000 and you are not currently working with us on forgiveness, you will apply directly with the SBA starting August 4, 2021. Complete your loan forgiveness application and submit it via the SBA direct forgiveness portal. The questions you will be asked in the portal correspond to those asked on SBA form 3508S.
Please use Option A the EZ version of the forgiveness application if you:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or 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% AND
- Received a PPP Loan greater than $150,000.
Please contact your lender if you do not qualify for the EZ form and your loan is greater than $150,000. You will need to follow Option B.
Option A – EZ Form
1. Signed PPP Forgiveness Application – Download blank EZ Forgiveness Application
This document is directly from the SBA and is required to begin the PPP Loan Forgiveness Process. Have questions filling out this application? View the EZ Forgiveness Instructions provided by the Treasury Department.
Please name your file: your-business-name-ppp-forgiveness-application.pdf
2. Payroll Documentation
Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
Please name your file: your-business-name-payroll.pdf
3. Tax Forms
Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
i. Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
ii. State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
Please name your file: your-business-name-tax.pdf
4. Health Insurance and Retirement Plans
Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount.
Please name your file: your-business-name-health-insurance.pdf
5. Number of Employees
If you did not reduce the salaries or wages of employees by more than 25%, and did not reduce the number or hours of employees, please provide the average number of full-time equivalent employees on payroll employed by the Borrower on January 1, 2020 and at the end of the Covered Period.
Please name your file: your-business-name-employees.pdf
6. Business Mortgage Interest Payments
Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments
Please name your file: your-business-name-mortgage-interest.pdf
7. Business Rent or Lease Payments
Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
Please name your file: your-business-name-rent-payments.pdf
8. Business Utility Payments
Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments
Please name your file: your-business-name-utility-payments.pdf
Proceed to Step 4 to request access to the upload portal.
Option B – Full Form
1. Signed PPP Forgiveness Application – Full PPP Loan Forgiveness Application
This document is directly from the SBA and is required to begin the PPP Loan Forgiveness Process. Have questions filling out this application? View the Full Forgiveness Instructions provided by the Treasury Department.
Please name your file: your-business-name-ppp-forgiveness-application.pdf
2. Payroll Documentation
Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
Please name your file: your-business-name-payroll.pdf
3. Tax Forms
Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
i. Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
ii. State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
Please name your file: your-business-name-tax.pdf
4. Health Insurance and Retirement Plans
Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount.
Please name your file: your-business-name-health-insurance.pdf
5. Number of Employees
Documentation showing (at the election of the Borrower):
a. the average number of FTE employees on payroll per week employed by the Borrower between February 15, 2019 and June 30, 2019;
b. the average number of FTE employees on payroll per week employed by the Borrower between January 1, 2020 and February 29, 2020; or
c. in the case of a seasonal employer, the average number of FTE employees on payroll per week employed by the Borrower between February 15, 2019 and June 30, 2019; between January 1, 2020 and February 29, 2020; or any consecutive 12-week period between May 1, 2019 and September 15, 2019.
The selected time period must be the same time period selected for purposes of completing PPP Schedule A, line 11. Documents may include payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941) and state quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
Documents submitted may cover periods longer than the specific time period.
Please name your file: your-business-name-employees.pdf
6. Business Mortgage Interest Payments
Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments
Please name your file: your-business-name-mortgage-interest.pdf
7. Business Rent or Lease Payments
Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
Please name your file: your-business-name-rent-payments.pdf
8. Business Utility Payments
Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments
Please name your file: your-business-name-utility-payments.pdf
Proceed to Step 4 to request access to the upload portal.
Step 4: Loan APPLICATION Submission
Prepare ALL Files before proceeding
Watch this video before uploading:
Steps to Properly Submit Files:
1. Gather ALL documents, Please read ALL instructions and follow carefully.
2. Fill out the form below to request access to the upload portal.
3. Once access is granted, submit files to the portal.
4. Your lender will contact you with any questions.
Paycheck Protection Program loan forgiveness upload portal is exclusively for ChoiceOne Bank business customers. Loan Forgiveness Applications from non-customers will not be accepted.