Last Updated: June 25, 2020 4:00 p.m. ET

Small Business Administration Paycheck Protection Program Update on Loan Forgiveness

Message from Jennifer Roberts, CEO of Chase Business Banking

I’m encouraged to see businesses start to rebound as states across the country reopen. We’re staying in contact with the SBA and expect to start accepting Forgiveness requests for Paycheck Protection Program loans by mid-August. Remember you’ll need to request Forgiveness through the lender that funded your PPP loan.

Please don’t worry about rushing to apply for Forgiveness; it’s most important now to take the time to focus on your business and document your PPP spending through your Covered Period. We will email you when you can start your request through Chase online.

If there’s a portion of your loan that is not forgiven, payments won’t be due until the after the SBA has made their Forgiveness decision or remits the funds, or 10 months after the end of your Covered Period.

We’ll help you navigate the process, including whether you can use the new 3508EZ form. Please continue to check here for the latest updates. 

All of us at Chase hope you stay safe and enjoy your summer.

Sincerely, 
 

 

If you are not receiving emails from us about Forgiveness, please check your spam folder and email privacy settings.

Forgiveness FAQ's 

For more Forgiveness information


LOAN FORGIVENESS STEPS
 

Here’s how Forgiveness will work for PPP loans processed through Chase. It is your obligation, as the borrower, to understand the SBA’s rules.

 

STEP 1
Document your eligible payroll and non-payroll costs. 


For payroll, use the 24-week Covered Period or Alternative Payroll Covered Period. If you were funded before June 5, 2020, you can choose to use an 8-week or 24-week Covered Period or Alternative Payroll Covered Period:

Covered Period starts the day loan funds were deposited into your Chase Business Checking account or

Alternative Payroll Covered Period starts the first day of the first pay period following deposit of loan funds

Some eligible payroll costs include:

EMPLOYEE COMPENSATION
CASH TIPS
PAYMENT FOR LEAVE
EMPLOYEE BENEFITS

For non-payroll, use the 24- or 8-week Covered Period

Some eligible non-payroll costs include:

INTEREST PAYMENTS ON
MORTGAGES
RENT PAYMENTS ON LEASES
UTILITY PAYMENTS

 

See the PPP Loan Forgiveness Application 3508EZ or 3508 form for a complete list of documents.

 

STEP 2
Prepare to request Forgiveness


You'll need to use either the 3508EZ or 3508 form. Determine if you can use the simpler form by following the SBA's Checklist for Using SBA Form 3508EZ. If using the full 3508 form, complete the PPP Schedule A Worksheet first before starting your Forgiveness request with Chase. You'll need the answers from the Schedule A Worksheet. If you have a payroll provider, request a payroll report from them.

You’ll need to have a Chase Business Online profile. If you don’t have one, click here.

We’ll let you know when you can request Forgiveness through chase.com.

 

STEP 3

Request Forgiveness through Chase.com


Upload the documents that support how you spent your loan funds on eligible payroll and non-payroll costs within the Covered Period.

ACCEPTABLE PAYROLL AND NON-PAYROLL DOCUMENTATION EXAMPLES FROM THE SBA:

  • Payroll tax filings reported to the IRS
  • State income, payroll and unemployment insurance filings
  • Financial statements verifying payment on rent/utility and debt obligations established before February 15, 2020

 

STEP 4
Track your Forgiveness request


You’ll be able to view your Forgiveness status online anytime by logging into your Chase Business Online account. If we have questions, we’ll contact you.

Visit SBA.gov and Treasury.gov for the latest information regarding PPP Loan Forgiveness.


All loans are subject to other requirements and availability of funds under the SBA program.
JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender.
© 2020 JPMorgan Chase & Co.

Other Covid Resources
 

All loans are subject to other requirements and availability of funds under the SBA program. Funds are limited.
JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender