PPP Loan Forgiveness

Bennington State Bank is ready to assist you with the loan forgiveness process under the Paycheck Protection Program. According to current PPP Loan Forgiveness guidance, all PPP borrowers are required to submit a PPP Loan Forgiveness Application to the SBA.

If you have not already completed the Loan Forgiveness Application, please contact your BSB Loan Officer to get started. 

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PPP Forgiveness Applications

You (the borrower) can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using the SBA Forms below.

Please submit all applications to sbappp@bsbks.com, linked below.

Submit All PPP Forgiveness Applications here: sbappp@bsbks.com
SBA Form 3508S– Use this form if your PPP loan amount is $150,000 or less.
PPP Forgiveness Application 3508S- for loans less than $150,000
SBA Form 3508EZ- Use this form if your PPP loan amount is more than $150,000 and you can check at least one of the two boxes below.
If your loan is for more than $150,000 and you are unable to check one of the boxes below, you cannot use SBA Form 3508EZ and instead you must apply for forgiveness of your PPP loan using SBA Form 3508.

If you can check at least one of the two boxes below, complete the SBA Form 3508EZ, and submit it to your BSB Lender (or the Lender that is servicing your loan).

🟦The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000.);

AND

The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period.

  • Ignore reductions that arose from an inability to rehire individuals who were employees on February 15, 2020 if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020 (or, for a PPP loan made after December 27, 2020, the last day of the Covered Period).
  • Also ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused. See 85 FR 33004, 33007 (June 1, 2020) for more details.

🟦 The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000,);

AND

The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 (or, for a PPP loan made after December 27, 2020, requirements established or guidance issued between March 1, 2020 and the last day of the Covered Period) by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.

Each PPP loan must use a separate loan forgiveness application form. You cannot use one form to apply for forgiveness of both a First Draw PPP Loan and a Second Draw PPP loan. For a Second Draw PPP Loan in excess of $150,000, you must submit a loan forgiveness application for your First Draw PPP Loan before or simultaneously with the loan forgiveness application for your Second Draw PPP Loan, even if the calculated amount of forgiveness on your First Draw PPP Loan is zero.

Submit All PPP Forgiveness Applications here: sbappp@bsbks.com

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For all products and services listed within, additional fees and rules may apply. Please contact a Bennington State Bank Account Representative for Product and Service Disclosures, Agreements, and full details.