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Financial Assistance for Businesses

Loan Forgiveness Frequently Asked Questions

When can I apply for forgiveness if I obtained a PPP loan in Round One? 
We’re accepting the revised SBA PPP Loan Forgiveness Applications. The new 3508S application simplifies the PPP loan forgiveness application process for loans of $150,000 or less, which no longer requires supporting payroll or expense documentation. We've sent an e-mail to all round one borrowers encouraging them to complete their forgiveness applications in our digital platform.

What information do I need to log into the Dollar Bank Forgiveness Portal?
Borrowers need their Business TIN (EIN or SSN), the e-mail address used for PPP origination and Dollar Bank business checking account number. We recently changed from PPP loan amount to Dollar Bank business checking account number. This change was made as a security enhancement, since the SBA released public data about Paycheck Protection Program borrowers—specifically, the borrowers’ names, addresses and exact loan amounts.

Can I submit a paper PPP forgiveness application?
Applications for PPP Loan Forgiveness through Dollar Bank must be submitted digitally through our Forgiveness Portal. You should have been sent an e-mail invitation and reminder(s) to apply for forgiveness along with a link to our forgiveness portal. If you have not received your invitation, please e-mail PPPforgive@dollarbank.com.
 
Which PPP loan forgiveness application should I use?
Borrowers with PPP loans amounts greater than $150,000 must use Form 3508 or Form 3508EZ based upon certain requirements. The new forms have been loaded into our Forgiveness Portal which will guide borrowers to the correct form based upon how they answer a series of questions. We are accepting round one forgiveness applications in our digital platform.

 
For borrowers with PPP loan amounts under $150,000, may use the new 3508S application. The 3508S application no longer requires supporting payroll or expense documentation. We are accepting round one forgiveness applications in our digital platform.
 
How long will it take for the forgiveness process to be completed?
Guidance from the SBA states that lenders have 60 days to process your completed forgiveness application package. The SBA has an additional 90 days to review the application before remitting a forgiveness payment to the lender.
 
When does my PPP loan deferral period end? When do I need to start making payments on my PPP loan?
The Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) extended the deferral period for borrower payments of principal and interest on all PPP loans to the earlier of (a) the date that the SBA remits the forgiven amount to the lender or notifies the lender that no forgiveness is allowed; and (b) the date that is 10 months after the date that is the earlier of (i) 24 weeks after the end of the borrower’s “Covered Period” or (ii) December 31, 2020, if the borrower does not apply for forgiveness by such date.
 
What if I received an Economic Injury Disaster Loan (EIDL) Advance?
The recently passed COVID-19 Stimulus Bill included changes for PPP borrowers who also received an EIDL advance. The new bill repeals section 1110(e)(6) of the CARES act, which required PPP borrowers to deduct the amount of their EIDL advance from their PPP forgiveness amount. Dollar Bank has contacted all borrowers to make whole if they received forgiveness and their EIDL was deducted from that amount.
 
What if I paid off the balance of my EIDL loan through the PPP Forgiveness Process?
Dollar Bank is aware of this change and has contacted all borrowers who were affected. 
 
How will I know if the SBA has decisioned my forgiveness application?
Dollar Bank will send you an e-mail when your forgiveness application is processed by the SBA. The SBA procedures allow 60 days for Dollar Bank to review your forgiveness application, and another 90 days for the SBA to review and authorize. 
 
What if my entire PPP loan is not forgiven?
If any portion of your loan is not forgiven, it will convert into a term loan and your business must pay principal and interest. If your loan was approved by the SBA on or after June 5, the term of your loan will be five years on the unforgiven amount; if your loan was approved by the SBA prior to June 5, the term of your loan is two years on the unforgiven amount.

What information do I need to provide if I don’t use a third-party vendor (ADP or Paychex) for payroll?
If borrower does not use a third-party payroll provider, they are required to provide copies of the bank statements for the payroll account to verify payroll being paid and tax forms such as the 2nd and 3rd quarter 941 statements, in addition to company prepared payroll journals or spreadsheets calculating payroll for the covered period.
 
Can I include rent payments in my forgiveness application?
If borrower is going the include rent payments in their application, they need to provide a copy of the lease. However, if the borrower is the property owner (a common owner), the rent payment would be considered ineligible.

If 100% of my PPP loan was used for payroll during the covered period, do I need to provide additional supporting documentation?
No, if the entire loan amount was used “just” for payroll, documents supporting all other payments will not have to be provided.

What should I do if I’m planning or there is a change in ownership of my business? Do I need to notify Dollar Bank or the SBA?
The SBA published a Procedural Notice on Paycheck Protection Program Loans and Changes of Ownership on October 2, 2020 which is available on the SBA website. This notice requires, in most situations, that the PPP lender provide confirmation to the SBA of your satisfaction of the requirements set forth in the Procedural Notice. Please contact the Dollar Bank PPP Team at PPPforgive@dollarbank.com as soon as possible.
 
What is the Loan Necessity Questionnaire (SBA Form 3509 or 3510)?
SBA is reviewing all loans of $2 million or more, and other loans as appropriate, for eligibility, fraud or abuse, and compliance with loan forgiveness requirements. As part of this process, SBA is providing a Loan Necessity Questionnaire to lenders for them to provide to PPP borrowers that, together with their affiliates, received loans of $2 million or more. Upon request from their lender, borrowers should return the completed questionnaire to their lender within 10 business days of receipt.
 
When will the new forgiveness form for loans under $150,000 be available for use?
We’ve updated our PPP loan forgiveness platform to reflect new guidance released by the SBA on January 19, 2021. This further simplifies the PPP loan forgiveness application process for loans of $150,000 or less. We’ve sent an e-mail to all round one borrowers encouraging them to complete their forgiveness applications in our digital platform.

Where should I go for detailed information related to PPP Loan Forgiveness?
For detailed information about the Paycheck Protection Program FAQs on PPP Loan Forgiveness, borrowers should visit the U.S. Treasury and SBA websites.

Need Help?

Need Help?

Contact Us:
Paycheck Protection Program Team
888-601-2062
pppforgive@dollarbank.com
Dollar Bank representatives are available Monday through Friday from 8:30 AM to 5:00 PM.