If your small business has received a PPP loan, you'll need to apply to have your loan forgiven based on strict requirements. There are two ways to file for PPP Loan Forgiveness - online with Direct Forgiveness or by downloading the forms below. Forgiveness applications are due within 10 months of the last day of the covered period for your PPP loan. If you do not apply by then, the PPP loan payments will no longer be deferred and you will need to begin making payments. For more information on the PPP Loan Forgiveness guidelines, you can check out the Small Business Administration website here.
Town & Country has partnered with the SBA to give you a more direct way to apply for PPP Loan Forgiveness – SBA Direct Forgiveness. Qualifying borrowers can now fill out the appropriate form and submit additional documents, as needed, for both First and Second Draw PPP Loans through SBA’s website. In order to use SBA Direct Forgiveness, you must have received a PPP loan of less than $150,000.
Click here to register and submit your application in the SBA Direct Forgiveness portal. The questions within the portal mirror those asked on SBA Form 3508S. We will review all submissions and you will receive an update within the Direct Forgiveness portal with the decision. Here’s a step-by-step User Guide for the Direct Forgiveness portal you’ll be using that walks you through the process.
Pro Tip: If you have an iPhone, you can use the Notes app to scan your supporting documents just by taking a picture and then email them to yourself so you can upload to the Direct Forgiveness portal. Here's a helpful YouTube video of how that works.
Other Forgiveness Options
If you don't qualify for Direct Forgiveness or you prefer not to use the online application, you can download the correct application below. Make sure that you select the correct application for your circumstances. You MUST fill out the application in its entirety and include all necessary documentation in order for Town & Country Credit Union to accept it. Your lender will fill in the SBA Loan Number, Lender PPP Loan Number and the Disbursement Date for you after you submit.
3508S Loan Forgiveness Application - The 3508S Application is for those who received PPP loans of $50,000 or less.
3508EZ Loan Forgiveness Application –The 3508EZ Application is for those who borrowed more than $50,000 and fit one of the following criteria:
- Self-employed or a sole proprietor with no employees;
- Did not reduce the salary/hourly wages of any employees by more than 25% and did not reduce the number of employees and their regular hours; or
- Did not reduce the salary/hourly wages of any employees by more than 25% and was unable to operate during the covered period due to COVID-19 requirements.
3508 Loan Forgiveness Application – The 3508 Application is for anyone who doesn’t fit the criteria for 3508EZ or 3508S.
Your completed application and supporting documentation should be submitted to your lender via email. After we receive your completed application, Town & Country Credit Union has 60 days to file the application with the Small Business Administration (SBA), then the SBA has another 90 days to process the applications and remit the funds to us.
As a PPP lender, Town & Country Credit Union can’t offer an opinion on whether the loan of any particular borrower qualifies for forgiveness. The SBA will determine whether the borrower is approved for forgiveness and for what amount after your Town & Country lender submits your application on your behalf.
Questions? If you have specific questions regarding the forgiveness process or your loan itself, talk with your lender. If you have questions regarding the Direct Forgiveness Online Portal, you can call the SBA Direct Forgiveness Hotline directly at 1-877-552-2692.