As part of a new interim ruling issued on October 8th, 2020, the SBA announced a streamlined forgiveness application for borrowers with loans of $50,000 or less. The two page application, Form 3508S, will only require the Borrower to provide certifications and supporting documents for the eligible expenses.   

CBT is reviewing the new interim ruling and will implement changes to our process and online portal to address the newest requirements as soon as possible. We have been informed that the SBA’s Forgiveness Platform is still under construction to support the new 3508S form with no published time frame for release. CBT will continue to delay the acceptance of PPP forgiveness requests for PPP loans of $50,000 or less  until we can fully implement the necessary changes to accommodate the new rule.  

We will continue to communicate updates as more information becomes available.  

Important PPP Forgiveness Online Portal Information

Thank you for partnering with Community Bank & Trust for your SBA Paycheck Protection Program (PPP) loan. We want to remind you that all, or a portion, of your PPP loan may be forgiven if the funds are used for eligible expenses.  

Under the SBA Guidance, Borrowers are responsible for independently completing the Forgiveness Application and providing documentation in support of the application. Community Bank & Trust's role is to 1) review your application & supporting documentation, and 2) submit your application and our recommendation to the SBA within 60 days of the application date. The SBA will then have 90 days to make a decision on the forgiveness of your loan. The loan forgiveness amount is not final until approved by the SBA. 

Here's what to expect:

Community Bank & Trust is pleased to announce that we will begin accepting applications for forgiveness in October through our Online Portal.

  • CBT Forgiveness Representative will contact you directly via email when we are ready for you to apply.
  • You will receive an email that includes an invitation to the CBT Online Portal, including detailed information on portal access, the application process, and other helpful information to assist you in the process.
  • The email invitation will be sent to the email address we have on record and have sent prior PPP email communication. If you have not received our prior PPP emails, please contact your CBT loan officer at 319.291.2000. 
Please follow the below steps before beginning the formal submission process to help you optimize your loan forgiveness and expedite the application processing.

Important Next Steps:

  • Review the following to assist you with the questions about the forgiveness rules and the CBT application process:

    CBT FORGIVENESS FAQS

    3508 DOCUMENT REFERENCE GUIDE

    3508 EZ DOCUMENT REFERENCE GUIDE

  • Contact your accountant, tax advisor, attorney or other trusted advisors with questions on how to complete the application, accounting treatments, etc. Your payroll provider may also be able to provide you with specialized PPP reports.  CBT cannot provide advice on the completion of your application or tax and accounting treatments of your PPP loan.

The Paycheck Protection Program is administered in accordance with the Small Business Administration’s rules and regulations. It is your obligation to understand and comply with the SBA’s rules.