SBA Paycheck Protection Program Loan Forgiveness Tool Kit

Resources to help you prepare to apply for the forgiveness of your SBA Paycheck Protection Program loan.

How do I apply / prepare?

  • The authorized signer of the PPP loan will receive an email with login instructions when the portal becomes ready for each borrower. For any questions regarding access to the Fifth Third loan forgiveness online self-service application portal, please contact the PPP Central Support Team at 877-579-5300, M—F, 8 am—5 pm ET.
  • 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.
  • 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.
  • Fifth Third has emailed all primary signers a link to the SBA PPP Loan Forgiveness Tool Kit. 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.

Recent client feedback regarding resources provided to help them prepare

Fifth Third has partnered with Aprio, a premier, CPA-led business advisory firm, to provide information and education to help Borrowers successfully navigate the PPP Forgiveness application process. This ongoing partnership has enabled us to continuously provide updated, timely and relevant information to borrowers as the forgiveness program and guidance continues to evolve.

Here's what some of our clients have shared:

"I wanted to say thank you for answering some of my questions during the Fifth Third Bank PPP Forgiveness webinar for sole proprietors. I asked the questions related to a loan that was calculated based on my 2018 schedule C because at the time of the loan application, I had not yet filed my 2019 tax return. I am very thankful and appreciate your guidance."

"You guys are awesome. I really, really appreciate you guys doing this. I would be lost without you."

Covered Period

  • 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, 2020, you have the option to choose an 8-week or 24-week covered period.
  • If your loan was funded on or after June 5, 2020, 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.

Simplified Form & Change of Ownership

  • Simplified Forgiveness Form (3508S):
    The simplified loan forgiveness application form 3508S might be a better option for you if your PPP loan amount is $50,000 or less and the total of all PPP loans to you and your affiliates (if any) equals less than $2 million.
  • Change of Ownership:
    Per the October 2, 2020 SBA Procedural Notice - Prior to the closing of any change of ownership transaction, the PPP borrower must notify the PPP Lender in writing of the contemplated transaction and provide the PPP Lender with a copy of the proposed agreements or other documents that would effectuate the proposed transaction.

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.

Click here to access the Loan Preparation Tool Kit* including:

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 webinars

Live and recorded webinars, including:

  • Loan Forgiveness Overview
  • Industry Webinars specifically for:
    • Professional Services
    • Healthcare
    • Construction
    • Retail 
    • Manufacturing
    • Real Estate
    • Restaurants
  • Weekly live webinars focusing on Loan Forgiveness specifically for:
    • Sole Proprietors
    • Not-for-Profits
    • Partnerships and LLCs

FAQs and information by business type

  • Sole Proprietorships
  • Not-for-Profits
  • Partnerships and LLCs
  • Corporations
  • Independent Contractors
  • All other businesses

Informational videos

  • 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

Up to date information

Visit SBA.gov/PaycheckProtection or Treasury.gov.

For additional assistance, or if you have general questions, please contact your Relationship Manager.

As always, thank you for choosing Fifth Third.