Texas National Bank is now accepting PPP Loan Forgiveness Applications!
For Borrowers $150,000 and under
If you have received PPP funds $150,000 and under you are eligible to apply for forgiveness via the SBA Portal. This portal will allow you to complete the forgiveness application and submit all necessary documents to the SBA. The portal will also have a customer support team in case you need additional guidance once you get started.
To begin your application, you will need the below information:
- Tax Identification Number (EIN, SSN or ITIN) used to submit the application
- SBA loan amount.s
- Found on TNB Loan Documents
- Or SBA Customer Service (1-877-552-2692)
Please be aware that in order for you to apply for forgiveness, your PPP loan must have surpassed at least the necessary 8-week period.
By clicking the link above you will be taken to an SBA website for PPP Forgiveness.
For Borrowers over $150,000
If you received PPP funds in an amount more than $150,000 you will need to complete one of the below forms, either the 3508 or the 3508EZ.
When To Use The Regular 3508 Form
The regular 3508 form is for borrowers that received first or second draw PPP loans of more than $150,000.
If you don’t meet the requirements of the EZ form, you’ll have to fill out the regular 3508 form if both of the following conditions are met:
- When you originally applied for a PPP loan, you were not a self-employed borrower, an independent contractor, or a sole proprietor with no employees and
- You reduced the salaries or wages of employees earning less than $100,000/year by more than 25%
If, on the other hand, you’re not self-employed/an independent contractor/a sole proprietor with no employees, and you did not reduce the pay of employees earning less than $100K/year by more than 25%, you’ll still have to use the regular 3508 form if both of the following are true:
- You reduced your number of FTE (full-time equivalent) employees and
- You were still able to operate at the same level of business activity as before February 15th, 2020
When To Use The 3508EZ Form
The 3508EZ form is for borrowers that received first or second draw PPP loans of more than $150,000.
You’ll have to meet at least one of the following three criteria to be eligible to use the 3508EZ form:
- You are a self-employed individual, an independent contractor, or a sole proprietor who had no employees at the time you applied for a PPP loan,
- You didn’t reduce the salaries or wages of employees making under $100K/year by more than 25%, and you didn’t cut any FTE employees (other than employees you were unable to rehire and unable to replace with similarly-qualified employees),
- You didn’t reduce the average number of hours that your staff works, or
- You didn’t reduce the pay of employees making under $100K/year by more than 25%, and you were unable to operate at the same level as you had on February 15th, 2020, because of COVID-19 health and safety restrictions imposed by federal agencies
The SBA is holding a Borrower education session tomorrow (8/12/21) starting at 1:30pm CST. They will have SBA presenters and experts involved with PPP and forgiveness processing. If you are interested in attending, please click link below.
If you have any questions regarding the Forgiveness Process, feel free to reach out to our PPP team at SBAPPP@texasnational.com. Please include, your name, business name, Tax ID number in the email to best assist with any issues.
Make sure to follow us on Facebook and check your emails for the most up to date information! We will continue to do our best in keeping you up to date on all things PPP.