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March 31, 2021 – We are now accepting Forgiveness Applications for 1st and 2nd Draw PPP Loans. You may submit your Forgiveness Application at this time, but please note we will wait at least 11 weeks from the date of loan disbursement to apply for forgiveness to ensure full forgiveness. Please note, you must complete separate applications for your First Draw PPP Loan and your Second Draw PPP Loan. Borrowers have 16 months from the date of their loan disbursement to apply for Forgiveness.

Please read the instructions below on which application you should submit for forgiveness.

If your 1st or 2nd Draw PPP Loan is $150,000 or less: You will need to complete Form “3508-S Application for loans less than $150,000”. Complete the 3508-S form in its entirety and return to the bank for processing. Instructions for completing this form can be found on pages 3-6 of the application form. Please submit proof of payroll with your application.

If your 1st or 2nd Draw PPP Loan is over $150,000: There are two options for Forgiveness Applications. They are the “3508 – EZ Application for loans over $150,000” and the form “3508 Application for loans over $150,000”. Please view the flowchart below to see which one is best for you.

Application Keywords:

NAICS Code: This is often found on your tax return. You can also google “NAICS Code for ____ industry” to get your 6 digit code.

SBA PPP Loan Number: This is your ten digit loan number. This can be found in Online Banking or your original loan documents.

Lender PPP Loan Number: This is the same 10 digit number as the SBA PPP Loan Number above. Again, this is your loan number which can be found in Online Banking or in your original loan documents.

PPP Loan Disbursement Date: This is the date the loan was funded. This can be found in Online Banking or in your original loan documents.

PPP Loan Amount: This is the dollar amount of your PPP Loan. This can be found in Online Banking or in your original loan documents. This needs to match to the penny.

Covered Period: This is the range of time you could use PPP proceeds on eligible costs. The Covered Period will start the day you receive your PPP Loan and end 8 to 24 weeks after the disbursement date.
If you do not have employees, your Covered Period will be 11 weeks after your loan disbursement date to receive full forgiveness.

Information:
To apply, please securely submit the your completed application and documentation to sba@decorahbank.com, using your business name in the subject line or drop-off documents at the Decorah Bank or Cresco Bank locations. As always, we are here to help. If you have any questions, please do not hesitate to reach out to a lender or analyst (Erica and Leslie) with questions.

PPP Forgiveness Flowchart | pdf

3508 – S Application for loans less than $150,000 | pdf

3508 – EZ Application for loans over $150,000 | pdf

3508 Application for loans over $150,000 | pdf

 

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