SBA PPP Forgiveness

Chain Bridge Bank, N.A. is currently processing applications for PPP First and Second Draw borrowers to attain forgiveness.
 
To apply for PPP loan forgiveness:​
The Chain Bridge Bank, N.A. PPP forgiveness application portal is open to eligible applicants. Borrowers must email sbaloans@chainbridgebank.com with their request to get started. 

Loan forgiveness eligibility:​
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period,  then PPP loan payments are no longer deferred and loan repayments begin.

First and Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels were maintained;
  • The loan proceeds were spent on payroll costs and other eligible expenses; and
  • At least 60% of the proceeds were spent on payroll costs.
Documentation:
Documentation needed for loan forgiveness can include:

  • ​Bank statements; 
  • Payroll reports;
  • Tax forms;
  • Proof of non-payroll costs eligible to be forgiven (mortgage interest, rent, utilities, supplier costs, PPE costs).
The links below provide details on documentation and other parts of the loan forgiveness application.
Loans of $150,000 or less

Borrowers are eligible to apply for forgiveness using the streamlined, one-page SBA Form 3508S if:

  • The PPP loan amount is $150,000 or less;
  • No affiliates of the borrower received PPP loans of $2 million or greater;
  • Proceeds were used for eligible costs, such as payroll costs to retain employees, mortgage interest payments, rental payments, or utility bill payments;
  • Payroll costs exceed 60% of the loan amount.
All eligible clients must use the Chain Bridge Bank N.A. online portal to fill out and submit this forgiveness application. Manual application forms will not be accepted.
 
Loans over $150,000: SBA 3508 Form vs SBA 3508EZ form

SBA Form 3508EZ is a shortened version of the forgiveness application for borrowers of loans greater than $150,000 who did not reduce employee levels, wages or hours. Otherwise borrowers of loans greater than $150,000 will use SBA Form 3508 to apply for forgiveness. Borrowers cannot use one form to apply for forgiveness of both a First Draw PPP Loan and a Second Draw PPP loans.

  • All eligible clients must use the Chain Bridge Bank N.A. online portal to fill out and submit this forgiveness application. Manual application forms will not be accepted.
  • Click here to read more about SBA Form 3508EZ eligibility requirements and procedures.
SBA Form 3508 Loan Forgiveness Application and Instructions

SBA Form 3508 is for borrowers of loans greater than $150,000 who are not eligible to apply for forgiveness via Form 3508 EZ. All eligible clients must use the Chain Bridge Bank N.A. online portal to fill out and submit this forgiveness application. Manual application forms will not be accepted.

PPP Requirements and Loan Review Procedures as Amended by Economic Aid Act

All eligible clients must use the Chain Bridge Bank N.A. online portal to fill out and submit the PPP and Forgiveness application. Manual application forms will not be accepted.
FAQ About PPP Loan Forgiveness
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This is not a commitment to make a loan.
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