Paycheck Protection ProgramForgiveness Portal
Seamen’s Bank is now accepting PPP loan forgiveness applications for first and second draw loans through our PPP Loan Portal. Loans may qualify for full loan forgiveness if, during the chosen 8-24 week covered period, loan proceeds are spent on payroll costs (minimum 60%) and non-payroll costs (maximum of 40%) and total or exceed the amount of the loan. If your loan amount is $150,000 or less, you will use the 3508 S Streamlined application. Although the 3508 S application does not require submission of documents, borrowers requesting forgiveness of second draw loans must provide proof of 25% or more revenue decline for the designated period in 2020 vs 2019, if it was not previously provided with the PPP loan application. Please retain copies of all other documentation that supports the amount of your forgiveness request in accordance with SBA guidelines. In the event that the SBA selects your application for review, you will have to provide the required documentation.
Links to the applications and instructions for each of the three application types are available below for your reference only. The Bank is only accepting applications received through the PPP Loan portal. The instructions for completing the applications provide comprehensive guidelines, including eligible expenses and documentation requirements. You may also access the SBA’s frequently asked questions (FAQ) regarding loan forgiveness below.
PPP Loan Forgiveness Portal
Email Address: firstname.lastname@example.org
Access to the Portal
The PPP loan forgiveness portal has been pre-populated with certain data for your loan. When you start a new forgiveness application, you will be prompted to enter the SBA loan number and Employer Identification Number (EIN) or your Social Security Number (SSN) if you applied for your loan as a contractor or sole proprietor. Your SBA loan number can be found in your loan closing documents. If you are unable to locate your SBA loan number or are having difficulty signing in and want to verify the EIN/SSN and loan number, please contact the Commercial Loan Department. As a reminder, PPP loan borrowers have 10 months from the end of their covered period to submit the forgiveness application. The covered period may be no less than 8 weeks and no more than 24 weeks from loan disbursement unless you are using the alternative payroll covered period in which case the start date is the first day of the payroll period following the disbursement date. Eligible payroll and non-payroll expenses must be incurred and/or paid within the covered or alternative covered period in accordance with the SBA’s interim final rules and forgiveness application instructions. The covered period for Schedule C filers must be at least 11 weeks from disbursement date to achieve full loan forgiveness without submitting non-payroll costs to support forgiveness of the full loan amount.
Click below to access the portal.
If completing the comprehensive 3508 application, please be aware that the Portal calculates the forgiveness amount based on the payroll and non-payroll costs input; the portal does not include the Schedule A Worksheet or calculate your payroll amounts for the application. The field for Full-Time Equivalent (FTE) employees listed in the portal as “Employees At Time of Loan Application” is prefilled with the number provided on your loan application. If you did not calculate the number in accordance with SBA guidelines for your loan application, you may edit the pre-filled number shown in the portal. Remember to use the same calculation method for determining the FTEs for both the Loan and Forgiveness applications. Also remember that if your business operation was adversely impacted by the COVID-19 Pandemic, you may qualify for the FTE safe harbor (will not reduce your forgiveness amount) as long as you did not reduce your employees’ compensation during the covered period by more than 25%.