PPP Information Center
Mainstreet will resume accepting PPP loan forgiveness applications on March 8, 2021.
The Economic Aid Act passed at the end of 2021 included significant changes in the program rules for PPP loan forgiveness, including revisions to all of the PPP loan forgiveness applications. On Friday March 5, the SBA plans to resume accepting online forgiveness applications and Mainstreet will resume accepting forgiveness applications via it online portal on Monday, March 8.
Mainstreet PPP borrowers who have not completed the SBA forgiveness application process will receive a set of 2 emails from Mainstreet with detailed information and instructions on how to submit their applications via the Forgiveness Portal.
What changes can you expect to the forgiveness process?
- The application process will be simplified for loans under $150,000, including a new simplified application form and reduced documentation requirements.
- EIDL advance amounts will no longer be subtracted from the forgivable amount of the loan. The SBA will issue a second forgiveness payment for PPP loans in which it has previously sent the forgiveness payment and subtracted the EIDL advance from the initial forgiveness payment.
Where can I find the new PPP loan applications to see which application is right for my borrowing entity?
Please see the links below to access the revised SBA PPP loan forgiveness applications and learn more about the forgiveness process requirements:
- SBA Form 3508S Paycheck Protection Program Forgiveness Application
- SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application
- SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application
- Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act
Mainstreet also continues to offer First and Second Draw PPP Loan applications to its customers.
For additional information on how to submit an application please contact your Mainstreet banker or email us at PPPLoans@Mainstreetcbf.com and we will assist you with the application process.