As part of a new interim ruling issued on October 8th, 2020, the SBA announced a streamlined forgiveness application for borrowers with loans of $50,000 or less. The two page application, Form 3508S, will only require the Borrower to provide certifications and supporting documents for the eligible expenses.
CRBT is reviewing the new interim ruling and will implement changes to our process and online portal to address the newest requirements as soon as possible. We have been informed that the SBA’s Forgiveness Platform is still under construction to support the new 3508S form with no published time frame for release. CRBT will continue to delay the acceptance of PPP forgiveness requests for PPP loans of $50,000 or less until we can fully implement the necessary changes to accommodate the new rule.
We will continue to communicate updates as more information becomes available.
Important PPP Forgiveness Online Portal Information
Thank you for partnering with Cedar Rapids Bank & Trust for your SBA Paycheck Protection Program (PPP) loan. We want to remind you that all, or a portion, of your PPP loan may be forgiven if the funds are used for eligible expenses.
Under the SBA Guidance, Borrowers are responsible for independently completing the Forgiveness Application and providing documentation in support of the application. Cedar Rapids Bank & Trust's role is to 1) review your application & supporting documentation, and 2) submit your application and our recommendation to the SBA within 60 days of the application date. The SBA will then have 90 days to make a decision on the forgiveness of your loan. The loan forgiveness amount is not final until approved by the SBA.
Here's what to expect:
Cedar Rapids Bank & Trust is pleased to announce that we will begin accepting applications for forgiveness in October through our Online Portal.
- CRBT will contact you directly via email when we are ready for you to apply.
- You will receive an email that includes an invitation to the CRBT Online Portal, including detailed information on portal access, the application process, and other helpful information to assist you in the process.
- The email invitation will be sent to the email address we have on record and have sent prior PPP email communication. If you have not received our prior PPP emails, please contact your CRBT loan officer at 319.862.2728.
Please follow the below steps before beginning the formal submission process to help you optimize your loan forgiveness and expedite the application processing.
Important Next Steps:
- Watch our video for an introduction to the SBA Forgiveness process at CRBT.
- Review the SBA & Treasury websites for the latest information:
- Print a copy of the current version of the SBA Application and Instructions relevant to you and familiarize yourself with the information and documentation that will be required with your formal submission. PLEASE NOTE: CRBT will accept applications ONLY through our online portal.
- Review the following to assist you with the questions about the forgiveness rules and the CRBT application process:
- Contact your accountant, tax advisor, attorney or other trusted advisors with questions on how to complete the application, accounting treatments, etc. Your payroll provider may also be able to provide you with specialized PPP reports. CRBT cannot provide advice on the completion of your application or tax and accounting treatments of your PPP loan.
The Paycheck Protection Program is administered in accordance with the Small Business Administration’s rules and regulations. It is your obligation to understand and comply with the SBA’s rules.
SBA & US Treasury
- US Treasury CARES Act
- SBA Paycheck Protection Program
- Form 3508 Instructions
- Form 3508 Application
- Form 3508 EZ Instructions
- Form 3508 EZ Application
Cedar Rapids Bank & Trust
- CRBT Forgiveness FAQs
- 3508 Document Reference Guide
- 3508 EZ Document Reference Guide
- CRBT Portal File Name Guide
- CRBT Tracking Template