Paycheck Protection Program Loans — COVID-19 Small Business Assistance

We recognize the critical role of our small business members — both in our community and to your employees. The U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) loans aim to keep businesses' workforces employed during the COVID-19 crisis. As of May 31, 2021, the Paycheck Protection Program is closed for new applications.

Forgiveness Information

Our goal is to help our business members maximize forgiveness of Paycheck Protection Program (PPP) loans.

  • All borrowers with PPP loans of $150,000 or less can apply for forgiveness now using the Simplified 3508S Form.
  • Borrowers with PPP loans over $150,000 originated in 2020 can apply now using the 3508EZ or 3508 Standard Form.
  • We are not yet accepting forgiveness applications for loans over $150,000 originated in 2021. We will notify you via email when we are ready to accept these applications.

Simplified 3508S Form for Loans of $150,000 or Less

The SBA recently launched a direct forgiveness portal for PPP loans of $150,000 or less using the simplified, 3508S forgiveness application. The portal streamlines forgiveness processing for PPP Borrowers. If your PPP loan was $150,000 or less, you can use the link below to access the portal and submit your forgiveness application.

  • After registration, you may use this streamlined process to automatically submit your forgiveness request to us.
  • For Second Draw PPP loans, if you did not provide documentation evidencing a 25% or greater reduction in revenue, you may be required to provide documentation along with your forgiveness application, which may include:
    • Quarterly financial statements for any quarter in 2020 compared to the same quarter in 2019. If the statements are not audited, the first page must be signed and dated and each subsequent page must be initialed.
    • Filed federal tax returns for 2019 and 2020 (if using the annual period instead of a single quarter).
  • The portal will indicate if documentation is required.
  • Once submitted, we will review your application, and if approved, it will be forwarded to the SBA for review.
  • For more information on how to use the portal, see the PPP Direct Forgiveness Platform User Guide.
  • The SBA also offers live customer service to borrowers at 877-552-2692.

The SBA may request information and supporting documents as part of its loan audit process to validate eligibility for forgiveness, including qualifying revenue declines. Borrowers must also retain all employment records and payroll documentation in their files for four years and all other documentation for three years after the date the loan forgiveness application is submitted.

Forgiveness Application for Loans Exceeding $150,000

For loans over $150,000 originated in 2020, the following forgiveness applications are also available:

  • 3508EZ — You can apply for forgiveness of your First Draw PPP Loan using the SBA Form 3508EZ if your PPP loan amount is more than $150,000 and you meet certain criteria related to reductions in number of employees or salaries/wages during the covered period. Refer to the 3508EZ Application Form and Instructions for a detailed list of criteria you must meet to use this form.
  • 3508 Standard Form — All borrowers with loans $150,000 or more that are not eligible to use the 3508EZ must use the 3508 Standard Form.

You can access the application using the link below.

  • To access the forgiveness application, enter the exact business name and Tax ID of the business (for individuals and sole proprietors, this will be your Social Security Number if you do not have an Employer Identification Number).
  • You will receive a one-time security passcode via email. Enter the code to access the application.

If you have any issues accessing the application, please email us at [email protected], and a team member will contact you to assist.

Remember that the SBA retains the right to audit any PPP loan. Borrowers are required to retain all records relating to your Forgiveness Applications for the following time-frames:

  • Employment Records for a four-year period.
  • Records relating to all other eligible expenses for a three-year period.

We are currently processing 3508EZ and 3508 Standard Form forgiveness applications only for loans originated in 2020 as we work to update our systems to accept applications for loans originated in 2021. We will notify you via email when we are ready to accept forgiveness applications for loans over $150,000 originated in 2021.

Other Important Changes to PPP Forgiveness

EIDL Advance Deduction

Congress has removed the requirement to deduct Economic Injury Disaster Loan (EIDL) advances from the amount of PPP Loan Forgiveness.

Changes to Eligible Expenses

The Act expands the use of PPP loan proceeds, including additional eligible expenses. This does not remove the requirement that at least 60% of the loan proceeds must be used for payroll costs. The change is effective for all PPP loans that have not already been forgiven.

Payroll Costs

The Act clarifies that the definition of payroll costs includes:

  • "group life, disability, vision, or dental insurance"

Additional Eligible Expenses

Covered Operations Expense
Covered Property Damage Costs
Covered Supplier Costs
Covered Worker Protection Expenditures

We are sharing this PPP loan forgiveness information in an effort to help you understand these changes. This information is based solely on Nusenda’s interpretation of the legislation and guidance from the U.S. Department of Treasury and the U.S. Small Business Administration (SBA). Due to the rapid pace of these changes and impending guidance, Nusenda makes no representations or warranties regarding this information. We encourage all business members to visit these resources for updates.