Information for businesses in response to Coronavirus (COVID-19)
PPP Re-Opening: Apply Now
The SBA has announced that the Paycheck Protection Program (PPP) has re-opened to new borrowers and some previous PPP loan recipients. We are pleased to accept applications for funding once again and have made the process simple by designing an online portal to submit your application, transmit documents and track your application status. Note: there have been some important changes in this round of PPP lending in addition to new requirements. Learn more from the SBA here. For additional SBA Small Business Guidance and loan resources other than PPP, click here.
- Your EIN or Social Security Number
- Payroll documentation supporting your average monthly payroll
- Most recent federal tax return
- Proof of at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020 (depending on the PPP loan amount and whether this is your first or second draw)
- Primary form of identification for the business owner(s)
- Business Articles of Organization
- Additional information as required
Please note: no paper applications will be accepted, and documentation will need to be scanned into the portal for review.
SBA Payroll Protection Program (PPP) Loan Forgiveness Information
Update: PPP Loan Forgiveness for Loans Under $50,000
Recently, the SBA released information on changes made to the Paycheck Protection Program (PPP). Some updates to the program include:
- Extends the end date of the “covered period” for a PPP loan from June 30, 2020 to Dec. 31, 2020.
- Provides a five-year maturity for loans made on or after June 5, 2020, and provides an option for loans made prior to that date to extend maturity from two years to five years.
- Extends the loan forgiveness period from 8 weeks to 24 weeks.
- Clarifies that if a borrower submits its forgiveness application within 10 months of the end of the loan forgiveness period, the borrower will not have to make any payments on the loan before the date SBA remits the forgiven amount to the lender.
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%.
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.