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SBA Paycheck Protection Program

We stand by you, West Bank Strong.

May 4, 2021 update

The U.S. Small Business Administration has announced funding for the Paycheck Protection Program has been exhausted. The SBA’s PPP application portal is no longer accepting applications for new loans from most lenders. This does not impact the potential forgiveness of an existing PPP loan. 

SBA PPP Loan Forgiveness Information

Please work directly with your West Bank banker to submit your PPP Loan Forgiveness application to the SBA. The SBA has issued three application forms for PPP Loan Forgiveness:

3508S Loan Forgiveness Simplified Form: two page forgiveness application for borrowers who received a PPP loan of $150,000 or less. This form requires fewer calculations and less documentation for eligible borrowers. In most cases, no additional documentation is required to submit your application.

3508EZ Loan Forgiveness EZ Form: streamlined forgiveness application for borrowers who received a PPP loan above $150,000 and fit certain criteria. See page 5 of the application for criteria.

3508 Loan Forgiveness Standard Form: standard loan forgiveness application for borrowers who received a PPP loan above $150,000 and do not meet the criteria for the 3508EZ application.

Visit the SBA website for information regarding PPP loan forgiveness

How to submit your loan forgiveness application
Please contact your West Bank banker directly. Your banker will provide you with a secure link to electronically provide your application and supporting documents. If you need to be connected with your banker, please contact us at 1-800-810-2301.

Alternatively, you may drop off your application and supporting documents in an envelope in the drive-up at any of our locations. Please address your envelope to the attention of your banker.

For your protection, please do not email your completed application using unsecure email.

Note: the SBA PPP Loan Number requested in the application is the same as your Lender PPP Loan Number. Your Lender PPP Loan Number is the 10-digit Loan Number found on your West Bank PPP Promissory Note labeled “Loan No.”.

Timing
To be eligible for forgiveness, Borrowers must apply within 10 months of the last day of the covered period. We encourage you to apply as soon as possible to help facilitate the process.

Please visit the SBA and Treasury websites for the latest information.
SBA Paycheck Protection Program
U.S. Department of Treasury SBA Paycheck Protection Program

West Bank makes no promise nor commitment that an existing loan will be forgiven by the Small Business Administration. The Small Business Administration’s Paycheck Protection Program is administered in accordance with their rules and regulations. West Bank makes no representations regarding the suitability of any applicant for the Program, the degree to which the Program may benefit any applicant, or the possible penalties for non-compliance with SBA rules.

 

 

 

 

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