PPP Loans and Forgiveness

PPP Loan funds are now exhausted and State Bank is no longer able to take applications

Help our local communities in difficult times?  We do that! 

However, we want to reflect on what we were able to accomplish to help our customers and local businesses during PPP.  As of the end of both Round 1 and Round 2 programs, we have loaned over $68 million to more than 775 local businesses – your friends and neighbors and businesses you depend on. Moreover, we helped those businesses keep over 8,300 employees on the payroll during this hard time and helped keep the local economy moving forward. It has been our pleasure to support our local economies in this way. 

We humbly thank you for entrusting your business needs to State Bank at this time and all times. 

PPP Loan Forgiveness

Now is the time to take action to have your PPP Loan forgiven or else be forced to start repaying your loan.  

The SBA PPP Forgiveness process has gotten easier and more efficient.  Below you will find the information grid for each application process based on your specific SBA PPP Forgiveness criteria:

  • For SBA PPP loans less than $150,000, use the SBA Forgiveness application 3508S
  • For SBA PPP loans more than $150,000 that qualify for 1 of the 2 safe harbors described in the instructions, use the SBA Forgiveness application 3508EZ
  • For SBA PPP loans more than $150,000 that do not qualify for any safe harbors, use the SBA Forgiveness application 3508

Call your lender to receive your SBA PPP loan number that is required for these forms.

We have attached a link to the Instructions and the Applications.  Please consult your accountants, payroll providers, and attorneys for additional guidance or interpretation of the rules.

https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness 

Please note!  The U.S. Treasury and the SBA have continually modified the PPP guidelines since the program started. We recommend that you continue to watch for updates regarding the PPP and its guidelines throughout the loan process, including how you may use the proceeds, which expenses may be paid using the proceeds, and any additional guidance that may be issued on loan forgiveness.

You can find detailed information on the SBA and U.S. Treasury websites.