May 27, 2021: SBA PPP Funds Depleted. As of May 4, 2021, PPP funds allotted for most lenders have been depleted. Commerce Bank is no longer accepting applications for PPP loans.
Commerce Bank is now accepting PPP loan forgiveness applications for loans originated in 2020 for all application form types (3508, 3508EZ and 3508S) through our online portal. We expect our portal to be ready soon to accept Forgiveness applications for PPP loans originated in 2021. We will announce it here when the portal is ready.
Regarding the SBA’s May 4th announcement of depleted PPP funds, please note:
Payments on your PPP loan will begin approximately 16 months after your loan was funded. In order to apply for PPP loan forgiveness, you must apply with the bank or financial organization that assisted with your PPP loan. You are encouraged to apply for forgiveness no later than 10 months after the end of your covered period, so that your forgiveness amount can be determined prior to the start of payments.
To prepare for loan forgiveness, please view our additional resources to help you through the application process. The information displayed on this page is based on guidance released by the SBA and is subject to change.
Get prepared for your PPP Loan Forgiveness application with Commerce Bank.Get details about the PPP Loan Forgiveness Application
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
This form may be used by Commerce Bank’s PPP borrowers who received a PPP loan of $150,000 or less.Get details on the PPP 3508S Loan Forgiveness Application
The Small Business Administration (SBA) has announced that due to the depletion of the Paycheck Protection Program (PPP) funding, it is no longer accepting new applications for PPP loans from most lenders. This is earlier than the SBA’s previous deadline of May 31st.
Although funding is no longer available for most lenders, there is still some congressionally mandated funding remaining for PPP loans made by designated community financial institutions, such as Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFI). Additional information on how to locate an MDI or CDFI can be found here.