Paycheck Protection Program Loan Forgiveness

The CARES Act provided much needed relief to small businesses in the form of the Paycheck Protection Program (PPP) and we are proud to have helped our customers obtain these loans. We are now focusing our efforts on providing customers with assistance on the forgiveness element of their PPP loan. We now have a process to assist customers through the forgiveness phase. You can find an introduction to our process, additional forgiveness details and requirements below.
 

Learn more about PPP Loan Forgiveness

Loan programs details are subject to change as prescribed by the US Department of Treasury and/or SBA.

We encourage you to look to these sources for additional information:
Based on the latest Interim Final Rules (IFRs), here is what we know and anticipate for the forgiveness process: 
 

Great Western Bank Application Process

Our customers will apply for forgiveness with an electronic application through a Great Western Bank PPP Customer Portal with a step-by-step process. 

Access the PPP Customer Portal here.

We have a PPP Customer Portal User Guide to help our customers navigate our portal and the application process, which can be found here

PPP Loan Forgiveness Applications

As outlined in recent IFRs, there are now three versions of the forgiveness application, all of which will be embedded within our application portal. We have included a link to all three, should you want to review the applications to become familiar with what will be expected.
 
1) PPP Forgiveness Application Form 3508S
 
2) PPP Forgiveness "EZ" Application
3) PPP Forgiveness Standard Application 

 

PPP Loan Forgiveness Details

PPP loans are eligible for forgiveness up to the full principal amount of the loan and any accrued interest. The Flexibility Act amended the definition of "covered period", extending the timeframe for all PPP loans. You now have up to 24 weeks to use your PPP loan proceeds for eligible expenses, beginning on the date the loan was disbursed.
 
The actual amount of loan forgiveness will depend, in part, on how the loan proceeds are spent. The Flexibility Act amended the requirements to reduce the amount of PPP loan proceeds that must be used for payroll costs from 75% to 60%, anything less will result in a reduced forgiveness.

The following are the permitted expenses in order for the loan to qualify for forgiveness:
 

Requirements

The following summarizes some key elements and requirements of the forgiveness process, as it stands now. Please refer to the SBA for further details.
 

Documents

FTE Reduction Exceptions

If the number of FTEs were reduced for any of the following reasons, they will not reduce your loan forgiveness amount:
 

Helpful Resources

Use this PPP Loan Disbursement Tracking Sheet as a guide to help track expenditures, for the applicable time period immediately following PPP loan disbursement. Every expense paid from PPP loan proceeds must be documented, which can be done through payroll records, monthly invoices, bank statements, utility bills, cancelled checks, etc.
 

*All information is subject to change based on additional SBA guidance and changes or amendments to the Interim Final Rule.