UPDATED JANUARY 22, 2021 AT 8:30 AM
SBA Guidelines for PPP Loan Forgiveness are subject to change. This page will be updated upon issuance.
Lakeland Bank is currently accepting forgiveness applications for SBA PPP loans funded by Lakeland Bank under the CARES Act. Please review the following information regarding the status of current forgiveness applications.
The SBA has issued new forgiveness application forms (3508, 3508S, 3508EZ) to include forgiveness of new eligible non payroll costs as specified in the Economic Aid Act. We are presently updating our portal to include these new forms. If you have already started processing your application in our portal, you may need to make adjustments prior to submission for bank review.
If your PPP loan is up to $150,000:
- If you have not started your forgiveness application with Lakeland Bank, or if we have determined that your forgiveness application is incomplete, you may choose to delay further processing until our portal is updated with the new application form. The new application has been streamlined and does not require submission of supporting documentation.
If your PPP loan is over $150,000:
- You may choose to begin or continue your forgiveness application using the initial forgiveness form if you believe you are eligible for full forgiveness based on the original CARES Act guidance.
- If you do not believe you are eligible for full forgiveness based on the original CARES Act guidance, but may be eligible for full forgiveness based on the Economic Aid Act, you may choose to delay your forgiveness application until our portal is updated with the new application form.
- If your forgiveness application is already in process with Lakeland Bank, we will continue to process your forgiveness application based on the CARES Act. If we determine your forgiveness application to be incomplete or not eligible for full forgiveness, you may choose to delay further processing until our portal is updated with the new application form.
You may determine the status of your forgiveness application by logging into our forgiveness portal.
We will continue to monitor these developments and provide updates via our website and email as guidance becomes available.
You should have received an invitation email from our online application platform to start your loan forgiveness application. You may also use the link below, which works best in Google Chrome.
This email invitation will come from: SBAPPPForgiveCommunication at LakelandBank dot com
You will need your email address, business EIN and exact amount of your PPP loan (as indicated on the SBA Note) in order to authenticate access into the application portal, and will need the Authorized Signer's SSN in order to submit the complete forgiveness application and supporting documentation.
You may also receive communication from the following email addresses:
- News at LakelandBank dot com
- PayrollProtectionProgram at ExpressBankLoan dot com
- SBAPPPForgiveAdmin at LakelandBank dot com
- PPPSupport-Lakeland at Support dot BDO.com
- SBAPPPOriginationCommunication at lakelandbank dot com
Please be alert for any scam or fraudulent emails spoofing the Paycheck Protection Program or the Small Business Association.
Questions? View our tutorial videos to learn more about the online application process.
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As debt forgiveness is the key feature of the PPP loan, we wanted to ensure that use of the loan proceeds allows borrowers to remain fully eligible to maximize this opportunity. The program has specific requirements regarding Full-Time Equivalent and salary levels for employees. The SBA has advised that a borrower’s forgiveness opportunity may be reduced if its full-time headcount declines, or if salaries and wages decrease. The funds must have been used for payroll costs, mortgage interest, rent, and utility payments over the Covered Period after getting the loan in order to be considered for forgiveness.
If your PPP Loan was approved prior to June 5, 2020, you can apply for forgiveness after your choice of 8 weeks or 24 weeks (“Covered Period”) from receipt of loan funds. For loans approved after this date, you can apply after the 24 week period.
In your application for loan forgiveness, you must document the following:
Payroll costs:
- Salary, wages, commission or similar compensation (recent SBA guidance states that payroll costs include all cash compensation, including a housing stipend or allowance)
- Payments for vacation, parental, family, medical or sick leave
- Allowance for dismissal or separation
- Payments for the provision of group health care benefits, including insurance premiums
- Payments for retirement benefits
- State or local payroll taxes
Non-payroll costs:
- Interest payments on a mortgage incurred in the ordinary course of business on real or personal property and that was in existence on Feb. 15, 2020
- Rent payments under leasing agreements in existence on Feb. 15, 2020
- Utility payments for electricity, gas, water, transportation, telephone or internet for which service was in existence on Feb. 15, 2020
- NEW Economic Aid Act application forms will include the following additional eligible costs:
- Covered operations expenditures
- Covered property damage costs
- Covered supplier costs
- Covered worker protection expenditures
Tips for completing your SBA PPP Loan Forgiveness Application are located here.
Although generally described above, we encourage you to refer to the Interim Final Rules governing the program and SBA’s Frequently Asked Questions to ensure adherence to the program’s forgiveness eligibility requirements.
All loans above $2 million will be audited by the SBA to ensure that they were made to eligible borrowers in need.
The U.S. Small Business Administration has been ordered by a federal judge to disclose the business name, address, and precise loan amounts for all PPP loan recipients. This information is being provided solely by the SBA.
