Marine Bank & Trust appreciates your patience and is happy to inform you that we are now accepting PPP Forgiveness applications. To make the process as smooth as possible, we’ve prepared some frequently asked questions we hope will help you with the process.
What should I prepare before applying for PPP Forgiveness?
Where can I apply for PPP Forgiveness?If Marine Bank originated your loan, you can apply for PPP forgiveness using Marine Bank’s online portal called the Forgiveness Questionnaire (Opens in a new Window) (Opens in a new Window) (Opens in a new Window). In the portal, you will have access to your loan forgiveness applications and be able to upload needed documents.
If your PPP loan was for $50,000 or less (Opens in a new Window), you can complete the SBA's 2-page forgiveness application Form 3508S (Opens in a new Window). Simply complete the form and email the PDF to PPPforgiveness@
When should I apply for Forgiveness?
You may submit your PPP Forgiveness application after your covered period ends. Initially, the SBA required borrowers to apply within six months after the elected covered period. However, as a result of the Flexibility Act of 2020 signed on June 5, 2020 which revised the law, the initial six-month period to submit the forgiveness questionnaire has been extended by an additional 10 months after the elected covered period. This means the total deferment period is 16 months from the original funding date. This updated rule does not require any action on the borrower.
Please note: The expiration date of 10/31/2020 in the upper righthand corner of SBA forms 3508, 3508EZ, and 3508S IS NOT the application submission deadline, but rather a compliance requirement related to the Paperwork Reduction Act.
What is my covered period?The covered period is your elected 8-week or 24-week period covered by your PPP funds. The SBA allows all loans to use the 24-week covered period. Borrowers should be tracking their covered period start and end dates.
When is Marine Bank accepting Forgiveness applications?Marine Bank began accepting PPP Forgiveness applications on Friday, October 2, 2020. Keep reading for instructions on how to access your PPP Forgiveness Questionnaire.
Why a separate Forgiveness Questionnaire portal?The online Forgiveness Questionnaire portal was designed to assist Marine Bank customers with forgiveness calculations before submitting them to the SBA.
Is the Forgiveness Questionnaire complicated?No. The Forgiveness Questionnaire guides you through SBA Forgiveness application forms 3508 (Opens in a new Window) (Opens in a new Window) and 3508EZ (Opens in a new Window) (Opens in a new Window) and its calculation criteria with summary pages to review what’s been entered.
How long does it take to complete the Forgiveness Questionnaire?The time needed to complete the Forgiveness Questionnaire depends on your ability to enter the information required for the calculations. To expedite the completion of your Forgiveness Questionnaire, we encourage you to prepare by using the payroll and non-payroll costs on forms 3508 (Opens in a new Window) (Opens in a new Window) and 3508EZ (Opens in a new Window) (Opens in a new Window).
Can I stop and return to my questionnaire at a later time?Yes. You may stop, save, and exit from the Forgiveness Questionnaire at any time. Simply use the link emailed to you for continued access.
Can I apply before the end of my 24-week covered period?
Besides the questionnaire, what else can I submit through the Forgiveness Portal?Once the questionnaire is completed, you will be required to upload the supporting forms detailing payroll and non-payroll costs.
How does the PPP Forgiveness Questionnaire request work?
- Email address from their borrower app
- EIN or SSN loan was filed through and
- SBA loan number
What happens after I submit my Forgiveness Questionnaire?
Who will be helping me through the process of the forgiveness phase?
Can my CPA/accountant do all my forgiveness application?
Does any EIDL Advance get deducted from my forgiveness amount?
If a PPP Borrower received an EIDL Advance, SBA is required to reduce the Borrower’s loan forgiveness amount by the amount of the EIDL Advance (Section 1110(e)(6) of the CARES Act). SBA will deduct the amount of the EIDL Advance from the forgiveness amount remitted by SBA to the Lender.
If a Borrower received an EIDL Advance in excess of or equal to the amount of its PPP loan, the Borrower will not receive any forgiveness on the PPP loan because the amount of the EIDL Advance is deducted from the PPP loan forgiveness amount. In the event the PPP loan is not forgiven in full, the Lender is responsible for notifying the Borrower of the date on which the Borrower’s first loan payment is due. The Lender must continue to service the loan in accordance with SBA Loan Program Requirements. The Borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years).
I cannot enter my Economic Injury Disaster Loan (EIDL) Advance amount on my questionnaire. How can I fix this?
I am not able to upload all my supporting documents. Why is this?
Who can I contact with PPP questions?
Congress has a few days left to act on PPP forgiveness before it breaks until after the election. Your congressional leaders have an opportunity to advance bipartisan legislation to streamline PPP forgiveness for millions of small businesses across America.