On December 1, the Small Business Administration released public data about Paycheck Protection Program borrowers—specifically, the borrowers’ names, addresses, exact loan amounts and who their PPP lenders were. This was done by court order following lawsuits brought by media organizations seeking the data. We want you to know that we, as your bank, did not publicly disclose the data and played no role in the court decision. Our commitment to protect your privacy is paramount, and we follow all applicable laws and regulations. Unfortunately, we have heard that some third party businesses are using information from the court-ordered data release to market themselves to PPP customers. These communications may reference our bank’s name and may even imply that we have some kind of relationship. You should be aware that CBT will communicate directly with you about your PPP loan and the forgiveness process. If you have any doubt, please call us directly at 319.291.2000.
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 accepting applications for forgiveness on 2020 SBA PPP loans through our Online Portal.
- Details on the forgiveness process have been e-mailed to our PPP Borrowers.
- If you have not received our e-mails regarding your forgiveness application, please contact us a SBAPPP@crbt.com
Please follow the below steps before beginning the formal submission process to help you optimize your loan forgiveness and expedite the application processing.
Your Forgiveness Process and Application Requirements depend on your PPP loan amount. For specifics, click on the loan amount that applies to you:
- Watch our video for an introduction to the SBA Forgiveness process at CBT.
- Print a copy of the current version of the SBA Application and Instructions relevant to you and familiarize yourself with the information and documentation that will be required with your formal submission. PLEASE NOTE: CBT will accept applications ONLY through our online portal.
The SBA has simplified the application requirements for all loans of $150,000 or less. Please read the instructions carefully, as your forgiveness request process will be much easier if you follow the new instructions and use the correct application.
- CBT will accept forgiveness applications only through our online portal. We will e-mail you with information about how to access the portal when we are ready for you to apply.
- Use Form 3508-S. If you use the 3508 or 3508EZ, it could slow down the processing of your request.
- Although the application is much simpler, it’s important to remember that your certification on the application states that you are providing true and accurate information about your forgiveness eligibility. You should read the application and instructions to ensure:
- You understand how to calculate your forgiveness eligibility.
- You understand the information you are required to retain in your files.
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.
Tools & Resources
Applications & Instructions:
Community Bank & Trust
- CBT Forgiveness FAQs
- 3508 Forgiveness Document Reference Guide
- 3508EZ Forgiveness Document Reference Guide
- CBT Forgiveness Portal File Name Guide
- CBT Forgiveness Tracking Template