If your PPP loan was $150,000 or less, when you receive the invitation to access the Forgiveness portal, you will be asked two questions in order to verify your eligibility for the 3508S (or the simplified application). The 3508S form was developed by the SBA to provide a more streamlined Forgiveness process for borrowers with smaller loans.
Please note: you must meet the following criteria to be eligible for the 3508S form:
Review your welcome email and log into the portal.
If you are unable to find your welcome email, please call our Customer Information Center at 508.732.3826 and they will send a password reset email to you.
Arrive at the welcome screen of the portal and review your loan amount. If it is $150,000 or less, click continue.
The first few screens allow you to download a copy of the paper application. This is only for your reference and is not necessary in order to complete the application in our portal. However, if you do choose to download the form, it will be blank until you hit continue. Then, all of your information will be populated into it.
Review your business details.
And click the next button.
Enter the number of employees.
Because this Forgiveness application is for your 2020 PPP loan, the answer will always be First Draw PPP Loan.
You will be given the opportunity to upload documents if you wish.
Please note: no documentation is necessary for this application (and your loan is $150,000 and under) therefore you are allowed to skip this step.
You will then be asked about the frequency that payroll is paid to your employees (weekly, biweekly, twice a month, monthly or other). You will also be asked about the length of your Covered Period - either eight or 24 weeks. In most cases your Covered Period will be 24 weeks.
Once you hit next, you're almost finished but there are a few more important steps left.
You’ll be asked about demographic information (this is optional).
Then you will see this screen which tells you that your application has been submitted for review.
If your application is approved, you will receive an email via DocuSign to complete the application and add your signatures.
Once completed stay tuned to hear from Rockland Trust to learn of any next steps.
Remember you can log in to the portal at any time and check your status on the main page.
If you have any questions, contact your relationship manager or our Customer Information Center at 508.732.3826.