Payroll Protection Program (PPP) Resources for Borrowers

This page contains frequently asked questions and information to help you with your forgiveness request. 

When are my PPP loan payments due?

All PPP Loan payments have been deferred until after you apply for forgiveness and receive a response from the SBA.

What’s my timeline for requesting forgiveness?

Congress has extended the timeline for requesting forgiveness to 10 months after your covered period (the time period to spend the PPP funds) ends.

For example: a borrower who received their PPP loan proceeds on April 15th, 2020 could choose a 24-week covered period, which would end on September 30th, 2020. From there, they then have 10 months to apply for forgiveness, which would end on July 30th, 2021.

I received my loan proceeds before June 5th, 2020. Should I choose an 8- or 24-week “covered period” for which I will report my payroll and non-payroll expenses?

It is your choice, however, most borrowers will benefit from choosing the 24-week covered period because it allows for a longer time period to report the spending of PPP funds. Many borrowers have selected 24 weeks because it simplifies their application and documentation requirements. By reporting a longer period of payroll expenses (24 weeks), you will not have to rely as heavily on reporting the non-payroll expenses, resulting in less required documentation for your forgiveness application.

All borrowers who received a PPP loan on or after June 5, 2020 must use the 24-week covered period.

What Documentation is Required?

Documentation is a critical part of the forgiveness process. There are several factors which determine your documentation requirements. For guidance, please review our:

PPP Borrower Documentation Guide

What steps will I take to complete the forgiveness application?

For resources and instructions on the process, please review our:

C&F Bank - PPP Client Resource Page

My PPP loan was $50,000 or less – what has changed?

The SBA released a simplified form called the 3508S which includes the following benefits:
  •  Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages.
  • Additionally, the new form does not require borrowers to show the calculations used to determine their loan forgiveness amount.
  • Documentation is still required with the 3508S.

Form 3508S is now available in our Client Portal. Once you begin the application you will be asked a series of questions to see if you are eligible to use the 3508S

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