May 18, 2021
Lowell Five is accepting applications for PPP Loan Forgiveness through our online PPP Loan Forgiveness Portal. All PPP Loan Forgiveness Applications must be submitted through the online portal. For instructions on accessing the portal, please call us at 978.452.1300 or email us at PPPLoanForgiveness@lowellfive.com.
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the maximum covered period of 24-weeks, or if the SBA determines that the loan is not eligible for forgiveness (in whole or in part), then PPP loan payments are no longer deferred, and borrower will begin making principal and interest payments to their PPP lender.
FORMS & REQUIREMENTS
For PPP loan amounts of $150,000 or less:
The borrower should submit their forgiveness application using SBA Form 3508S. When submitting a forgiveness application using SBA Form 3508S, the borrower is not required to submit any other applications or documentation with the exception of revenue reduction documentation for borrowers applying for forgiveness of a Second Draw PPP Loan that did not provide such documentation at the time of application. The borrower must retain records relevant to the form that prove compliance with the requirements.
For loan amounts greater than $150,000:I
The borrower will need to complete either SBA Form 3508EZ or SBA Form 3508. Instructions for Borrowers are included on both forms.
It is extremely important that the Forgiveness Application is complete, including all supporting documentation. We cannot accept an incomplete application to review for forgiveness. Pursuant to the Economic Aid Act, Lowell Five has sixty (60) days from receipt of a complete Forgiveness Application to render a forgiveness decision to the SBA. The SBA will, subject to any SBA review of the borrower’s loan(s) or loan application(s), remit the appropriate forgiveness amount to the Lowell Five, plus any interest accrued through the date of payment, not later than 90 days after Lowell Five issues its decision to SBA.
If you have any questions, please call us at 978.452.1300 or email us at PPPLoanForgiveness@lowellfive.com.