Paycheck Protection Program (PPP) Forgiveness Portal FAQs

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.

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.

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:

• PPP Loan Forgiveness Application Form 3508EZ »
  • Required documents »

• PPP Loan Forgiveness Application Form 3508 »
  • Required documents »

• PPP Loan Forgiveness Application Form 3508S »
  • No required supplemental documents (pending SBA guidance)

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

• Compensation to employees
• Employer contributions for employee health insurance
• Employer contributions to employee retirement plans
• Employer state and local taxes assessed on employee compensation
• Compensation to owner-employees/self-employed individual/general partner not included in compensation to employees.

Eligible nonpayroll Costs

• Interest on Covered Mortgages
• Expenses for Rent or Lease Payments
• Utility Expenses

It is necessary to upload documents individually.

Yes, you must apply for forgiveness using the Sandy Spring Bank online forgiveness portal. We cannot accept paper forms or other types of forms.

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.”

Your PPP loan number will be pre-filled in the forgiveness portal.

Your Small Business Administration PPP loan number will be pre-filled in the Sandy Spring Bank forgiveness portal.

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.
 

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.

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: