Information is current as of November 19, 2021.
For the latest information about SBA PPP loan forgiveness directly from the SBA, please visit this page.
Information is current as of November 19, 2021.
For the latest information about SBA PPP loan forgiveness directly from the SBA, please visit this page.
I have a PPP loan under $150,000. How do I apply for forgiveness?
Sandy Spring Bank is no longer accepting forgiveness applications for PPP loans under $150,000. Borrowers with PPP loans under $150,000 must apply for forgiveness directly through the Small Business Administration.
Visit https://directforgiveness.sba.gov/ to apply.
I received a PPP loan from Sandy Spring Bank and am interested in applying for forgiveness. I received an email with a link to apply. What is the next step?
To access the PPP forgiveness application, click here, or log in using the link you received in the email. You’ll then see the dashboard. Click on Marketplace on the left and then click the “Apply” button for PPP forgiveness application.
What should I do before I start my application?
You may wish to complete the appropriate 3508 forgiveness form so that you have all of the information ready to enter into the portal. It is necessary to enter your information directly into the portal to apply for forgiveness. And, gather your backup electronic documents such as payroll register, bills/invoices and proof of payment for things like utilities, internet, or mortgage insurance in order to upload those documents to the portal. Your application will be processed faster if all of the required documentation is provided.
SBA PPP application forms:
What is forgivable?
The CARES Act lists two categories of expenses that are forgivable: "Eligible payroll costs" and "Eligible nonpayroll costs". This means that your PPP loan is forgivable to the extent you spend the proceeds of your loan on these two categories, subject to possible reduction if you reduce the headcount and salaries of employees from pre-Covid-19 levels. Another important requirement is that you actually pay for or incur these expenses during the “covered period” or "alternative covered period" (if you qualify). Based on the Paycheck Protection Program Flexibility Act of 2020 signed into law on 6/5/20, at least 60% of the PPP Loan must be spent on "Eligible payroll costs" and up to 40% can be spent on "Eligible nonpayroll costs".
Eligible Payroll Costs
Eligible nonpayroll Costs
Can I upload all my documents at once?
It is necessary to upload documents individually.
Do I have to apply for PPP forgiveness on the Sandy Spring Bank forgiveness application portal?
Yes, you must apply for forgiveness using the Sandy Spring Bank online forgiveness portal. We cannot accept paper forms or other types of forms.
I am uploading documents and getting an error message.
You can only upload one document at a time. Be sure to wait until the first one is finished uploading and then upload your next document. If you try to upload another file while the first is still uploading, you’ll get a “SERVER ERROR.”
Where do I find my Sandy Spring Bank PPP loan number?
Your PPP loan number will be pre-filled in the forgiveness portal.
Will I need my SBA PPP loan number?
Your Small Business Administration PPP loan number will be pre-filled in the Sandy Spring Bank forgiveness portal.
What is the NAICS code? Is this a mandatory field?
The NAICS code was developed by the Federal Statistical Agencies for the collection, analysis and publication of statistical data to the US Economy. It lists each business type and/or industry. You can find your NAICS code at: www.naics.com/search/. The NAICS code must be filled in on the PPP forgiveness application.
Can I save my application and come back to it? Will I lose the information I entered?
Yes. You can click the Save and come back later at the bottom of any page to save what you’ve entered. Then when you come back, expand the Incomplete Applications section on your dashboard to see the application that’s still in process. Click on it, and you’ll return to the last page you completed.
What is the status of my application?
Log into the portal and you’ll see “YOUR PRODUCTS” on the top-right side of the page. Click the drop-down arrow to the right to open the box and you’ll see the date you submitted your application, along with a visual progress bar. Your application will move through these stages:
Loan Status | This means... |
---|---|
Application Submission | Sandy Spring Bank has received your submitted forgiveness application. |
Under Review | The Sandy Spring Bank team is doing a thorough review and evaluation of your forgiveness application and all of the documentation you submitted. |
Client Communication Pending | Your application is now with our Client Communication team, and you’ll soon be notified with the results of our evaluation prior to submitting your application to the SBA |
SBA Pending | Your application and our decision has been submitted to the SBA, and we are waiting for the SBA to evaluate your application |
SBA Decision | We have received the SBA’s decision and will contact you. |
Complete | Forgiveness application process is complete. |
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