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Now through August 15th, donate to our Backpack Drive supporting Oasis — A Haven for Women and Children.

PPP Loan Forgiveness

We're here to help

Applying For PPP Loan Forgiveness

We at ConnectOne Bank are committed to working with you throughout the life cycle of the Paycheck Protection Program (PPP). If you have received a PPP loan, the next step in the process will be the Loan Forgiveness Application. Eligible borrowers* may qualify for up to 100% of the PPP loan.

Complete Your Forgiveness Application Here

Due to changes by the SBA to the PPP Forgiveness application in March 2021, all borrowers who previously submitted an application need to complete and recertify the new Forgiveness application.

Here's What's Next:

  • Log into your ConnectOne Bank Client Portal, click on the 'Marketplace' link and select the 'Paycheck Protection Program Forgiveness' application to begin
  • All entries and data previously entered have been retained and will reflect on your new Forgiveness application as applicable. Carefully review all previous entries, complete the new entries added, and recertify your application.
  • Upon submission, your application will be reviewed and, upon approval by ConnectOne Bank, electronically submitted to the SBA for Forgiveness.

Access the Client Portal Here

Here are a few additional pointers to ensure efficient processing of your PPP Forgiveness Application:

  1. The Portal Welcome email will go to the email address used for the delivery of the original loan documents that were sent via DocuSign. 
    The Portal is password protected for the intended user. The intended user must be an authorized signer for the borrower and the intended user must complete and electronically initial the Certifications at the end of the Forgiveness Application.

  2. The user should choose either the SBA Loan Forgiveness Application Form 3508 or 3508EZ. The Portal will determine the proper Form once you check the appropriate boxes on the questionnaire. Most borrowers will qualify to use the SBA Form 3508EZ.
  3. Complete all required fields accurately.
  4. Upload all required documents to the appropriate drop-box. Click here for an explanation of required documents.

  5. Only enter expenses (and upload corresponding documents) to the extent required for 100% Forgiveness. For example, if you entered expenses for cash compensation and this was enough to achieve 100% Forgiveness, you do not need to enter or upload additional information such as non-payroll expenses.

  6. Upon submission of the application, you will receive an auto-confirmation of delivery.

  7. Upon acceptance of the application, you will receive a confirmation from the Bank.

  8. If the Bank’s PPP Loan Processor determines that additional documentation is required, you will receive an email from the PPP Loan Processor.

PPP Loan Forgiveness Instructions      PPP Loan Forgiveness FAQs

If Your PPP Loan is $150,000 or Less

You will be directed to the updated SBA PPP Loan Forgiveness Application 3508S in our Client Portal which has been greatly simplified. You will be required to enter the total amount of your PPP loan used for Payroll Costs (cash compensation, employee benefits and state & local taxes) which must be at least 60% of the total PPP loan. No other calculations are required. In addition, you will be required to review and attest to all certifications and resubmit the application via the Client Portal. Upon submission, your application will be reviewed, and upon approval by ConnectOne Bank, electronically submitted to the SBA for Forgiveness.

If You Did Not Previously Qualify For Full Forgiveness

Borrowers that did not qualify for full forgiveness under the previous application now have the opportunity to include newly eligible expenses including covered operating expenditures, supplier costs and PPE costs. Forgiveness is still subject to using 60% of the total PPP loan for Payroll Costs. Additional instructions will be provided in the Client Portal to assist you in identifying these newly eligible expenses.

How can we help you?

Contact a ConnectOne Bank representative to learn more.

* The Small Business Act authorizes the Administrator to conduct investigations to determine whether a recipient or participant is ineligible for a loan, or has violated section 7(a), or any rule, regulation or order issued thereunder. The Administrator may review whether a borrower is eligible for the PPP loan based on the provisions of the CARES Act, the rules and guidance available at the time of the borrower's PPP loan application, and the terms of the borrower's loan application. See 1.e of the IFR RIN 3245-AH47

Disclaimer: The Borrower is ultimately responsible for the determination of eligibility for a loan and for the forgiveness of such loan under the Paycheck Protection Program. Borrowers are reminded to carefully consider all required representations and certifications. The Administrator (the U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury) allows lenders to rely on certifications of the borrower and to rely on specified documents provided by the borrower to determine qualifying loan amount and eligibility for loan forgiveness. Information contained herein does not constitute legal advice or a determination of eligibility. If you have specific questions regarding a particular circumstance, we urge you to consult competent legal counsel.

The Paycheck Protection Program is governed by certain sections of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) as clarified by interim final rules of April 3, 2020, April 14, 2020, April 24, 2020, April 28, 2020, April 30, 2020, May 5, 2020, May 8, 2020, May 13, 2020, May 14, 2020, May 18, 2020, May 20, 2020, and May 22, 2020, and by through FAQ’s published by the Administrator.  The conditions and parameters for loan forgiveness are subject to change based on rules and guidance provided by the Administrator.  For more information, please visit the U.S. Department of Treasury’s Paycheck Protection Loan website or the SBA’s Paycheck Protection Program website.

You come first. We aren't like those other banks.

At ConnectOne Bank, we understand that little things matter and focus on those things when providing personal and business banking solutions for our clients.