Paycheck Protection Program - Funding Exhausted
The Small Business Administration informed trade associations that Paycheck Protection Program funding has been exhausted and that the PPP application portal stopped accepting applications on Tuesday, May 4 for loans from most lenders, which includes Dollar Bank.
In line with this announcement, please note:
We are not able to accept new PPP applications or finalize any PPP applications that have not already been submitted to the SBA for approval.
If your application was already submitted to the SBA, we believe those will be processed.
Paycheck Protection Program - Loan Forgiveness
We're accepting the recently revised PPP Loan Forgiveness Applications published by SBA in our digital platform. The new 3508S application further 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.
We recommend you familiarize yourself with the appropriate forgiveness application, including the necessary supporting documentation. We will not accept paper applications - our digital platform will guide borrowers through the information required and populate a personalized forgiveness application.
Resources for PPP Loan Forgiveness:
Our Most Common Loan Forgiveness Frequently Asked Questions
Full Forgiveness Application (3508 Revised January 19, 2021)
Required Documents to Submit Full Forgiveness Application
EZ Forgiveness Application (3508EZ Revised January 19, 2021)
Required Documents to Submit EZ Forgiveness Application
3508S Forgiveness Application (Revised January 19, 2021)
Please note, if your business is affiliated with other businesses, and your PPP loan total across all affiliates is greater than $2 million, you must use Form 3508EZ or Form 3508.
Since the inception of the PPP, the U.S. Treasury and the SBA have continually modified the Program guidelines. It is your obligation, as the borrower, to understand the Rules. PPP recipients must continue to follow any new PPP Interim Final Rule, as released. Given the potential liability, we advise you to consult your legal and accounting professionals.
FAQs for Lenders and Borrowers