SBA Paycheck Protection Program Loan Forgiveness Tool Kit
SBA Paycheck Protection Loan Forgiveness Application Process Update
Fifth Third is accepting PPP Forgiveness applications via our online self-service forgiveness application. Borrowers have ample time to apply due to the PPP Flexibility Act, which went into effect on June 5, 2020.
- If your payroll expenses for the covered period are greater than your loan forgiveness amount, it isn’t necessary to provide documentation for mortgage, rent or utility expenses.
- Borrowers must begin making principal and interest payments 10 months after the last day of their covered period, or when the SBA remits loan forgiveness payment to the Lender (Fifth Third) should there be a remaining balance due.
- If you received your loan prior to June 5, you have the option to choose an 8-week or 24-week covered period.
- If your loan was funded on or after June 5, you automatically receive a 24-week covered period.
- List covered period dates on your application and provide documentation for the number of weeks it took to deplete the funds.
- Borrowers may apply for forgiveness any time on or before their PPP loan maturity date.
When Can I apply?
In order to ensure the best possible customer experience, borrowers will receive an email with logon instructions when they are able to access the online application. We will be sending these emails in waves because we believe this phased approach will ensure the best possible customer experience as we focus on each client’s specific needs. The links included in the email should not be shared with others; not all borrowers have the same access date for the online application.
How Can I Prepare
To help you prepare, Fifth Third has emailed all primary signers a link to the SBA PPP Loan Forgiveness Tool Kit with valuable resources, recorded training, and live webinars. Please review these resources, register for live webinars, and gather documentation required by the SBA to validate the way you used the PPP loan proceeds in advance of submitting your online forgiveness application.
Additional tips to help you navigate the forgiveness application process:
- If the primary signer has not received emails with a link to the SBA PPP Loan Forgiveness Tool Kit and reminders of upcoming webinars, please check spam filters +/or contact your banker for additional assistance.
- If the primary signer has received logon instructions to the online self-service forgiveness application, and needs help with basic navigation, please call 877-579-5300, Monday through Friday, 8 a.m. to 5 p.m., ET.
- Continue to check SBA.gov and Treasury.gov for the most up-to-date guidance on the application process.
Thank you for choosing Fifth Third Bank. We appreciate the confidence you’ve placed in us, and we look forward to continuing to serve you.
(Fifth Third Bank will not pay fees or other compensation to an agent who represents and/or assists a borrower in applying for a Paycheck Protection Program loan absent a pre-loan approval written agreement between the agent, the borrower, and Fifth Third Bank.)
Resources to help you navigate the loan forgiveness process
One of the main features of the Small Business Administration (SBA) Paycheck Protection Program (PPP) loan program is that you can apply to have part, or the whole amount, of your loan forgiven.
As you prepare, we’re here to help with access to information from sources including the SBA, the US Treasury, and other professionals with knowledge of the PPP forgiveness process. Fifth Third is partnering with Aprio, a premier, CPA-led business advisory firm, to provide you information and education to help you successfully navigate the PPP Forgiveness application process. Together, we’ve created an online Tool Kit to give you a single location containing the tools and resources to help guide you through the application process yourself, or with your accountant or attorney.
Checklists and timelines
- Checklist of the documentation required by the SBA to validate the way you used the PPP loan funds
- Timing of each step in the loan forgiveness process
Live and recorded webinars, including:
- Loan Forgiveness Overview
- Industry Webinars specifically for:
- Professional Services
- Real Estate
- Weekly live webinars focusing on Loan Forgiveness specifically for:
- Sole Proprietors
- Partnerships and LLCs
FAQs and information by business type
- Sole Proprietorships
- Partnerships and LLCs
- Independent Contractors
- All other businesses
- Separate videos for Sole Proprietors, Not-for-Profits, and LLCs on understanding:
- Eligible Payroll Spending
- Eligible Non-Payroll Spending
- Reduction in FTEs
- Reduction in Salaries and Wages
- Guidelines for Documentation
- Entering your forgiveness application online
- Video training and how-to instructions based on:
- Payroll services your business may use
- Guidance if your business does not use a Payroll Service
- Payroll Calculator
- Payroll How To Instructions
- Payroll How To Video
As always, thank you for choosing Fifth Third.