COVID-19 Information for Our Business Customers
Updated December 8, 2021
Did you receive a Paycheck Protection Program (PPP) loan? If it’s been more than twenty-four weeks since you received funding, it’s time to apply for forgiveness.
PPP Loans $150,000 and Under
Borrowers with loans of $150,000 or less can submit a forgiveness application that requires no additional documentation. This can be done either directly through the Small Business Administration (SBA) or through your Abington Bank commercial lender.
- Directly with the SBA: Abington Bank has opted into the SBA’s Direct Forgiveness Portal, allowing PPP borrowers with loans of $150,000 or less to apply for forgiveness directly to the SBA by submitting a simple, pre-filled application. If you have spent all your PPP loan proceeds as required and your covered period has ended, simply click the link below and complete the short registration process as instructed. Then, sign in and start your new forgiveness request, answering the questions and following the instructions provided.
- Through Abington Bank: If you’re not comfortable with submitting your application directly to the SBA, you still have the ability to work with a Abington Bank team member. To get started, you’ll need to complete the following application and submit it to your lender.
Loan Forgiveness Application Form 3508S
When completing the application, remember:
- Your SBA Loan Number can be found in your original loan documents
- The Lender Number is your Abington Bank loan account number
- Retain all documents listed on the application form for your records: No documentation needs to be submitted
- Contact your Commercial Loan Officer directly with additional questions. If you do not have your lender’s contact information, please email us at CommercialLending@AbingtonBank.com.
PPP Loans Over $150,000
Two application forms are available. Refer to the instructions specifically regarding employee retention and operational difficulties to determine which application to use.
- Obtain the PPP Loan Forgiveness Application Form 3508EZ
- Obtain the Loan Forgiveness Application Form 3508
When completing the appropriate application, remember:
- Your SBA Loan Number can be found in your original loan documents
- The Lender Number is your Abington Bank loan account number
- Your covered period begins on the date of disbursement
Gather the following documentation, which must be submitted with your application:
- Payroll report for the covered period
- 941s for the covered period
- Supporting documentation for other covered expenses as detailed on the instructions
We’re here to help!
Email us at CommercialLending@AbingtonBank.com and a member of our Commercial Lending team will contact you shortly.
We strongly encourage you to contact your accountant or other professionals to assist you with the application process. Submitting a complete and accurate application with all required supporting documents will provide you with a more efficient process and allow you to obtain the principal forgiveness you are expecting.
This is for informational purposes only and is not intended to provide tax, accounting, legal or financial advice with respect to the handling of your PPP loan.