How to Apply for PPP Loan Forgiveness
If you received a Paycheck Protection Program (PPP) Loan with Northwestern Bank, your next step is to apply for forgiveness.
What to Know Before You Apply
We recommend that you consult your accountant or tax advisor* before applying, to help ensure the maximum amount of loan forgiveness.
Before clicking "Apply Now" below, remember to first download the instructions that accompany your form, so you know which documents you need to upload with your application.
Choose The Right Application
To apply for loan forgiveness, you must complete and submit the correct loan forgiveness application. There are three types of PPP loan forgiveness applications. Begin by choosing the right one for you (don't forget to download the instructions):
- Simplest, 1-page application
- For PPP Loans of $50,000 or less.
This is a longer, 2-page application, but is still less complicated than the Standard Form 3508. Use this version if your PPP loan amount is greater than $50,000 and you are:
- Self-employed, independent contractor or sole proprietor with no employees; OR
- You did not cut salaries or wages by more than 25%, and did not reduce employee hours; OR
- You did not cut salaries or wages by more than 25% and you were unable to operate at full service capacity as a result of government COVID-19 health directives.
Standard Form 3508
If you don't meet the standards listed for the Form 3508-S or 3508-EZ, Then you must use this longer form.
Not sure which application to use?
For more instructions on which application form applies to you, refer to the Small Business Administration's PPP Loan Forgiveness FAQ page.
What happens if you don't apply for forgiveness?
If you do not apply for forgiveness within 10 months after the end of your PPP “Covered Period,” you will be required to begin making payments on your loan at that point. For more questions, refer to the Small Business Administration's PPP Loan Forgiveness FAQ page.
*PLEASE NOTE: Northwestern Bank is not a tax advisor company. There may be additional guidelines and information, regarding your organization’s tax situation, not included on this webpage. For more information, you should always contact your tax advisor or visit the IRS website.
Page last updated 10/14/2020.