PPP Loan Forgiveness

Appying 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.