Paycheck Protection Program Forgiveness
Reliant Bank participated in the 2020 Paycheck Protection Program (PPP) funding. We facilitated the funding of 84 million dollars represented by over 890 small businesses. Reliant Bank will continue to service and manage the forgiveness process of loans originated during this round of funding.
Highlights of the Economic Aid Act Impacting PPP Loan Forgiveness
Simplified, one-page certification for borrowers with loans of $150,000 or less known as Form 3508S
Broadened eligible covered expenses to include:
- Covered operations expenditures
- Covered property damage costs
- Covered supplier costs
- Covered worker protection expenditures
Increased covered period flexibility allowing borrowers to select an ending date that falls anywhere between 8 and 24 weeks.
Repeal of EIDL Advance deduction
Reliant Bank Forgiveness Process
As of March 10, 2021, Reliant Bank has provided forgiveness application links to all PPP borrowers. If you cannot locate or access your forgiveness link, please contact your Relationship Manager and request that a new link be sent.
Per SBA guidelines, if you have submitted your completed forgiveness application to the bank, the Bank has 60 days beyond receipt of an application to submit to the SBA. Once submitted, the SBA has 90 days to render a decision.
Reliant Bank provides all borrowers with a detailed resource page specific to the digital application process. This resource page offers guidance on completing all versions of the Forgiveness Applications: 3508, 3508EZ and 3508S. Please visit this page using the green icon below ‘Borrower’s PPP Resource Page’.
(This site is best viewed using Google Chrome)
PPP Forgiveness Webinar
On Thursday, December 17th, Reliant Bank hosted a 90-minute, expert-led webinar for Reliant Bank’s PPP Borrowers. The webinar focused on the following aspects of PPP loan forgiveness:
- PPP Forgiveness application forms and how to know which one is right for you
- Eligible expenses
- Filing requirements
- Software tutorial (how to navigate the software you will use to complete your forgiveness application)
- Owner compensation rules
- Supporting documentation
A recorded version of the webinar is now available. If you were unable to attend the live webinar, we encourage you to watch the recorded link and view the presentation.