Updated January 9, 2021: The SBA announced that financial institutions may begin submitting applications for the Paycheck Protection Program (PPP) on behalf of applicants in the coming weeks, with some lenders starting January 11. According to the press release, the SBA will fully re-open the PPP loan portal on Tuesday, January 19, 2021 to all participating PPP lenders, including Commerce Bank, to submit First and Second Draw loan applications. Learn more about PPP.
Key points regarding PPP loan eligibility, features and terms.Get details on the Requirements Overview
Gather the recommended documentation to prepare for your application.Get details on the Application Checklist
Learn how First Draw PPP Loans allow you to apply for a loan or, in certain circumstances, access the full eligible amount of your first PPP loan.Get details about First Draw Loans
Learn how Second Draw PPP Loans can provide additional funding if you have exhausted your first PPP loan and meet other specific requirements.Get details about Second Draw Loans
Detail of PPP Interim Final Rule #1, as amended by the Economic Aid Act.Get details about the PPP Amendment
Detail of PPP Interim Final Rule #2, for Second Draw Loans created by the Economic Aid Act.Get details about PPP Second Draw Loans
In addition to PPP, learn more about Disaster Assistance options directly through the SBA.Get details on SBA Disaster Loans
Frequently asked questions answered by the SBA and U.S. Department of Treasury.Get details on the Treasury Department FAQs
Review business size and industry NAICS code standards that qualify a business for SBA programs.Get details on SBA Business Size Standards
In order to apply for PPP loan forgiveness, you must apply with the bank or financial organization that assisted with your PPP loan no later than 10 months after the end of your covered period. If your business received a PPP loan through Commerce Bank, you will be notified when you may initiate a digital application for loan forgiveness.
Even though the Small Business Administration (SBA) opened their PPP forgiveness portal on August 10th, there are additional points to consider regarding the timing of submitting applications:
In order to streamline the loan forgiveness process, please verify your contact information.
To prepare for loan forgiveness, please view our additional resources to help you through the application process.
This information is based on current available information and is subject to change, based on continued SBA guidance. Be sure to check this site regularly as we will provide updates as they become available.
Get prepared for your PPP Loan Forgiveness application with Commerce Bank.Get details about the PPP Loan Forgiveness Application
View the SBA instructions on how to work through your loan forgiveness application.Get details on the PPP Loan Forgiveness Application Instructions
This form is to be used by Commerce Bank’s PPP borrowers who meet certain criteria.Get details about the PPP EZ Loan Forgiveness Application
If your business qualifies to use the EZ Form, view the SBA instructions on how to work through this loan forgiveness application.Get details on the PPP EZ Loan Forgiveness Application Instructions
This form may be used by Commerce Bank’s PPP borrowers who received a PPP loan of $50,000 or less.Get details on the PPP 3508S Loan Forgiveness Application
If your business qualifies to use the 3508S Form, view the SBA instructions on how to work through this loan forgiveness application.Get details on the PPP 3508S Loan Forgiveness Application Instructions
Gather these documents needed to accompany your application for PPP loan forgiveness.Get details on the PPP Loan Forgiveness Documentation Checklist
The latest Small Business Administration (SBA) guidance on loan forgiveness.Get details about the Loan Forgiveness FAQs
Learn what to expect and how to use the application portal to successfully submit your application for PPP loan forgiveness.
This short (6-minute) video covers the difference between the PPP Loan Forgiveness forms and describes the documents required for each form as well as an overview of our customer support resources. (Note: This video does not fulfill the request to watch our best practices webinar prior to starting your forgiveness application. That link is labeled "Watch webinar.")Watch short video about completing SBA PPP Loan Forgiveness Applications