Country Bank is no longer processing PPP applications.
On January 19, 2021, the SBA released an updated application Form, 3508S, for requesting forgiveness of PPP loans of $150,000 or less.
In addition to the 3508S form, the Bank is able to accept additional completed applications for PPP forgiveness with forms 3508 or 3508EZ. We encourage you to speak to your accountant if you have any specific questions regarding eligible expenses for forgiveness.
Please see the Forgiveness Application information below for more details.
As the borrower, you’re responsible for understanding the program rules and if your loan qualifies for forgiveness. You should also check the SBA’s site for updated FAQs as well as the Treasury’s site, as they are regularly updated.
The PPP Flexibility Act (signed into law on June 5th) provides borrowers with additional opportunities to qualify for loan forgiveness. Below is an overview of the changes made to the program:
If you obtained your PPP Loan with Country Bank are ready to submit your forgiveness application and supporting documentation, please utilize the Secure Loan Documentation Portal to upload all of your information. A few things to note on this portal:
Per the SBA guidelines:
We will continue to be in touch with you along the way in order to keep you informed of the process.
Borrowers who received a PPP loan of $150,000 or less are eligible to apply for forgiveness using the simplified Form 3508S which is included below.
The “EZ” Paycheck Protection Program loan forgiveness application is also available and requires less documentation and fewer calculations than the full 3508 form.
Form 3508EZ applies to borrowers who meet any one of the below criteria:
The full 3508 loan forgiveness form is for borrowers with employees who made over $100,000 within a calendar year. It is also for borrowers who reduced salary and wages by more than 25% during the covered period. The majority of PPP borrowers will not need to use this full form and will be able to use one of the simplified application forms instead. We recommend you ask your lender or accountant prior to completing the full 3508 application form to see if you are eligible to use the 3508EZ or the 3508S.
Form 3508D (use of this form is rare):