Information for businesses in response to Coronavirus (COVID-19)
May 4, 2021- PPP Funds Have Been Exhausted
Please note: as of May 4, 2021, PPP loan funding has been exhausted and the SBA is no longer accepting new applications. If and when new funding is added to the program, we will post updates here. The SBA is also offering other alternatives to PPP loans for COVID-19 business assistance and relief. Learn more here.
SBA Payroll Protection Program (PPP) Loan Forgiveness Information
How to apply for PPP Forgiveness
Webster Five is excited to provide information on how to apply for forgiveness of your PPP loan. To make the process as easy as possible, we have designed an online portal to submit your documents and track your application status. Remember, you can only apply for forgiveness through your lender, and not directly through the SBA. You can find updated information on PPP loan forgiveness from the SBA here.
You can find our PPP Forgiveness portal here. You will need three pieces of information to gain initial access to your personalized file in the portal:
- Your EIN or SSN number
- Your PPP loan number
- Your loan amount
With this information you will be able to login and complete our step-by-step guide to the forgiveness application. On any subsequent login following your initial registration, you will be able to access the portal simply with your username and password.
The SBA published a new EZ version of the forgiveness application that applies to borrowers that:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.
If your loan amount is below $150,000, your business may qualify to use the following simplified application found here.
Click here to view the EZ Forgiveness Application.
For all other borrowers, click here to view the Full Forgiveness Application.
You can find additional information on the SBA’s PPP Loan informational page.
If your business is experiencing difficulties, reach out to our business banking team for assistance at 800-696-9401 or email us.
