To submit your application for forgiveness:
- Determine the appropriate application to use for forgiveness - Form 3508, Form 3508EZ, or Form 3508S. The S form applies to borrowers who have PPP loans totaling $150,000 or less. The EZ form applies to borrowers who meet any one of these three criteria:
- Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
- Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).
- Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.
- Complete the application and submit all supporting documentation to Guaranty Financial Corporation. Refer to the corresponding forgiveness application instructions found below for a listing of required documentation to submit with the forgiveness application. You can submit via:
- Direct submission to the SBA Forgiveness Portal: https://directforgiveness.sba.gov/.
- DocuSign - access the 3508S Application, 3508EZ Application or 3508 Application.
- PDF and upload to this secure link.
- Fax to: 503-912-2091
- Deliver to either of our branches: West Linn (2040 8th Ave) or Lake Oswego (5200 Meadows Road)
We will notify you after your application has been reviewed and submitted to the SBA for forgiveness. This process may take up to 60 days. The SBA has stated that their decisions on approval may take up to 90 days after submission. Please reach out to your banker directly with any questions or you can email ppp@bankpacificwest.com.
Forms and Program Rules from the Treasury and SBA:
PPP Loan Forgiveness FAQs (Revised 10/13/2020)
3508S Forgiveness Application (Revised 5/24/2021)
3508EZ Forgiveness Application (Revised 5/24/2021)
3508 Forgiveness Application (Revised 5/24/2021)
IFR on Loan Forgiveness 1-19-2021 (Revised 1/19/2021)
NOTE: The information provided is based on the US Small Business Administration current guidelines and Loan Forgiveness Application for the Paycheck Protection Program (“PPP”). The SBA and/or Treasury may issue additional guidance regarding forgiveness of PPP Loans. The information on this page and in other communications with our PPP clients represents our understanding of the current requirements and regulations. The Application and Guidance are subject to supplemental information provided by the SBA. You are responsible for determining eligibility for the PPP loan and forgiveness, filling out the Loan Forgiveness Application and providing true and correct information.
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