The Small Business Administration and Treasury has released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The PPP loan forgiveness application can be accessed from the following link, https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf
SBA: No new PPP applications with funds exhausted
IMPORTANT NOTE: South Louisiana Bank is ready to accept applications for future funding provided additional funds are appropriated by Congress and the SBA.
The Small Business Administration said Paycheck Protection Program funds are nearly exhausted and that it will not be able to accept any new PPP loan applications once funding has lapsed.
In a message to lenders, SBA said lenders will no longer be able to load PPP applications into the Capital Access Financial System or E-Tran once the funding has been fully committed. Further, the SBA said it is unable to maintain a queue for PPP applications, it will no longer be able to accept new lender applications to become PPP lenders, and PPP lenders may not adjust loan amounts within the CAFS system.
The SBA said it is alerting lenders so they can inform their small-business customers of the situation and will keep lenders informed should Congress authorize additional funds, as ICBA is strongly advocating.
In a news release, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza urged Congress to appropriate additional funds—at which point the agencies will again be able to process loan applications and issue loan numbers.