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ALERT: On October 8th 2020, the SBA released a streamlined loan forgiveness application for Paycheck Protection Program loans totaling $50,000 or less. The online self-service portal is being updated to accommodate this new application. The streamlined loan forgiveness application is expected to be available for use next week.
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When providing tax forms, SBA requires the periods that overlap with the Covered Period or the Alternative Payroll Covered Period (this may include a portion of a calendar quarter).
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When providing bank statements, include sufficient detail to show who received the funds.
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When including non-payroll expenses, don’t forget the SBA requires non-payroll documentation that proves existence prior to 2/15/2020.
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Can you reach your loan forgiveness amount with payroll expenses only? If so, you are not required to provide non-payroll documentation.
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Make your application process easier! Prepare now utilizing resources provided on this site and begin gathering required documentation.
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Fifth Third Bank is inviting borrowers to apply via email in waves to ensure the best possible customer experience.
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When submitting required supporting documentation, verify that your business name is reflected on the document.
Resources to navigate the loan forgiveness process
The Small Business Administration (SBA) Paycheck Protection Program (PPP) allows for a borrower’s loan to be forgiven in whole, or in part. To be considered for loan forgiveness, borrowers (businesses, sole proprietorships and not-for-profits) must complete a PPP loan forgiveness application.
The tools and resources on this site provide specific guidance on how to best navigate and prepare the information needed to complete the loan forgiveness application process yourself, or with your adviser(s).
Informational videos, checklists, FAQs and webinars have been customized by industry and business type to make the loan forgiveness application process simple and easy.
Best Practices for Preparing for PPP Loan Forgiveness
- Step 1: Review the materials for your entity type on this site
- Step 2: Identify the proper loan forgiveness application for you
- Step 3: Prepare your calculations with the forgiveness calculators
- Step 4: Gather the required supporting documentation for Simplified*, EZ or Standard applications*new application for PPP loans totaling $50,000 or less
- Step 5: Await an email from Fifth Third Bank with forgiveness application instructions
- Step 6: Apply for PPP loan forgiveness
Fifth Third Bank, National Association and Aprio provide the following content as general guidance offered on an informational basis to assist you and your company in evaluating the SBA programs. Due to the evolving nature of the SBA programs, and the lack of final published regulations, additional changes may affect the validity or timeliness of the content. Every client situation is unique, so each of Fifth Third and Aprio recommend that you consult legal counsel to determine the best outcome for your company based on your company’s specific circumstances. Aprio does not represent any financial institution or serve as an agent for any financial institution, and Aprio is not responsible for the actions of any other third party.
