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PPP Forgiveness Information and Resources
Compeer is accepting PPP loan forgiveness applications. Clients will receive an email with a unique link to the SBA Digital Forgiveness Application.
Please note: there is the possibility of forthcoming legislation, which will allow for a more streamlined process to PPP loan forgiveness. Proposed legislation would allow PPP loans under $150,000 (and perhaps higher) to use this simplified process. It may also permit recalculated loan amounts for farmers. As of now, we are uncertain when or if this legislation might be passed. You have the option to apply for forgiveness at this time, but may choose to wait based on your specific circumstances.
Steps to Complete Digital Forgiveness Applications
Training Videos and SBA Resources
The Treasury and SBA have created resources for borrowers. The following information should be of help to you as you plan what expenses to pay with the PPP loan proceeds and any other actions you need to take to maximize your loan forgiveness. Please carefully read the following documents and guidance:
Please note that the 3508S Form and Instructions will not be available via the online application portal until mid-November 2020. If your PPP loan amount is $50,000 or less, the 3508S form requires fewer calculations and less documentation.
SBA Application for Forgiveness (SBA 3508)
SBA Application for Forgiveness Instructions
SBA Application for Forgiveness EZ (SBA 3508 EZ)
SBA Application for Forgiveness EZ Instructions
Compeer Financial is committed to helping you access the nearly $350 billion in Paycheck Protection Program loans authorized by Congress under the CARES Act and administered by the Small Business Administration (SBA) and Treasury. However, unlike most loans extended by Compeer Financial, the terms of this loan program are set by the SBA and Treasury. As a result, while any information which we may provide about this program (whether provided in writing or orally), including this calculator, is based on information which Compeer Financial believes to be reliable, we are providing this information without representation or warranty. All loan approvals are subject to other requirements, including the specific requirements of the Small Business Administration at the time of loan origination, which may be in addition to or different from the information which we provide and which may change. All loans are also subject to availability of funds under the SBA program. Funds are limited. Compeer Financial anticipates a high volume of requests. There may be processing delays and system failures or other issues that interfere with Compeer Financial taking your application or submission of any application to SBA. Compeer Financial does not guarantee that it will take your application or submit any applications taken before SBA funding is no longer available or at all. By using Compeer Financial to seek a Paycheck Protection Program loan, you agree that Compeer Financial is not responsible or liable to you (i) if your application is not taken by Compeer Financial or any application is not submitted to the SBA until after SBA stops approving applications, for any reason or (ii) if your inquiry or any application is not processed. You also forever release and waive any claims against Compeer Financial concerning failure to obtain a loan. This release and waiver applies to but is not limited to any claims concerning Compeer Financial’s (i) speed, manner or systems for processing or prioritizing application or (ii) representations by Compeer Financials regarding the application process, the Paycheck Protection Program, or availability of funding. Compeer Financial does not provide tax, legal, or financial advice in connection with this program and encourages you to consult your independent advisors.
If your application for business credit is denied, you have the right to a written statement of the specific reasons for that denial. To obtain that statement, please contact us within 60 days from the date that you were notified of our decision. We will send you a written statement of the reasons for that denial within 30 days of your request for the statement. NOTICE: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract), because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with this law is the Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA 22102-5090.