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Small Business owner managing her finances - PPP Loan Forgiveness Information
 

PPP Loan Forgiveness

Century Bank is committed to making the Paycheck Protection Program (PPP) loan forgiveness process as simple as possible. The Century Bank Forgiveness Portal is an easy and secure way to submit your PPP loan forgiveness application.

What you need to submit your application:

  • EIN or SSN associated with your PPP loan
  • SBA loan number (located on your loan Note)
  • Loan amount (located on your loan Note)
Please refer to the PPP Forgiveness application form 3508 or 3508EZ and the instructions provided. Please pay special attention to the information required to be submitted versus maintained but not submitted on p.6 of the instructions.

Click below to view the recorded webinar with our partners, Wolf & Company, P.C. on September 23, 2020. You can view the webinar slides here. Included in this webinar:  

  • An overview of the forgiveness process
  • A walk through on how to fill out the application
  • Review of exactly what qualifies for forgiveness
Once you create your account, you will be able to log in and submit your forgiveness application. Applications do not need to be completed in one session.
While you are logged in to the portal, you will notice a button, “Ask an Accountant.” This feature allows you to ask a CPA from Wolf & Company, P.C. any PPP-related questions; you can expect a reply within 24 hours. Please note, this service is only to respond to general PPP-related questions, it is not for the review of any documentation.
Once you submit a complete application, Century Bank has up to 60 days to review and submit our PPP loan forgiveness decision to the SBA. The SBA then has up to 90 days to make its decision on the loan forgiveness amount. However, we don’t expect the decisions to take this long. 
You will receive email notifications once the bank has made a decision and once the SBA has made its decision. 
You will also receive an email from DocuSign for you to sign the PPP forgiveness application electronically. 
You can log in to the portal at any time to see the status of your application.
The U.S. Treasury published FAQs on PPP Loan Forgiveness. This guide may answer a lot of your forgiveness-related questions. Please contact your local branch manager if you need further assistance.
 

FAQs

Q: During Century Bank’s review, will there be any communication with borrowers? Will I be notified when the bank's review is complete?
A: Yes, Century Bank will communicate directly with PPP borrowers through the PPP portal. Through the portal, Century Bank will ask questions and/or request additional documentation if necessary. You can also initiate conversation with Century Bank through the portal. Borrowers will receive email updates from the portal whenever the application status changes. 
Q: Can I fax supporting documentation?
A: No, documents must be uploaded into the portal.
Q: Should I submit the application and enter data into the portal or does the portal replace the application form?
A: The portal replaces the application form.
Q: Where can I get my SBA loan number? I do not have the loan papers.
A: Please contact your branch manager.
Q: I had an employee leave voluntarily, does this affect our reduction in FTEs? What if a replacement was hired? 
A: Voluntary resignations during the covered period do not count against you as a reduction in FTEs. This remains true if a replacement was hired. 
Q: I reduced the hours for a salaried employee, but paid them an hourly rate based on their salary before their hours were reduced, can I still use the EZ form?
A: As long as the reduction in salary was not greater than 25%, you can still use the EZ Form.
Q: Do health care costs get added to payroll? Our health plan premiums are paid monthly. Since the covered period will not neatly line up with a calendar month, what documentation will be required to prove these amounts?
A: Health care costs paid by an employer for health, dental and vision are eligible for forgiveness. Cancelled checks and/or premium invoices are good documentation to support these amounts.
Q: If the loan was mainly used for payroll expenses, can non-payroll expenses within the covered period be included?
A: Yes, at least 60% of the amount requested for forgiveness must be payroll costs. If 100% of forgiveness is payroll costs, the SBA do not need to documentation pertaining to any non-payroll costs.
Q: Are expenses like mortgage payments, heating oil and gas for vehicles eligible for forgiveness? 
A: Mortgage payments are not eligible, however heating oil and gas for vehicles are.
Q: Can I submit loan forgiveness before the end of the 24 week period? If I apply early, do I need to do a pro-rated calculation for the $100k compensation cap for non-owner employees and owner-employees?
A: Yes, you can apply before the 24-week period. If using the 24 week covered period, the maximum amount of compensation eligible for forgiveness for a non-owner employee is $46,154 ($100,000/52 weeks X’s 24 weeks). If a shorter period is used, for example, 14 weeks, then the maximum amount of compensation eligible for forgiveness is $26,923 ($100,000/52 weeks X’s 14 weeks). For an owner-employee, if using 24 weeks, the maximum amount of compensation eligible for forgiveness is $20,833. This amount would need to be pro-rated as well, as follows. If applying after 14 weeks, the maximum amount of compensation eligible for an owner-employee is $12,152 ($20,833/24 weeks X’s 14 weeks).  The AICPA, in their Town Hall meeting last Thursday, confirmed that this is the intention of the SBA. 
Q: My loan note payments are scheduled to start in December 2020, do I still have 10 months from the end of the alternate 24 week period before I have to make a payment?
A: Yes, payments are deferred until 10 months after the end of the covered period. If you do not apply for forgiveness by then, your payments will begin.
Q: I received a $10k EDIL loan advance. How does this factor into the PPP loan forgiveness calculation?
A: It will reduce your forgiveness. You will need to pay the $10k back.
Q: I don't have a payroll company. Is there a worksheet I can use to calculate average FTE for reference periods?
A: Yes. https://future.aicpa.org/resources/download/ppp-loan-forgiveness-calculator-excel