SBA Form 3508EZ was created to simplify your loan forgiveness application. You may be eligible to use Form 3508EZ if you:
• Are self-employed and have no employees; OR
• Did not reduce the salaries or wages of your employees by more than 25%, AND did not reduce the number or hours of your employees; OR
• Did not reduce the salaries or wages of your employees by more than 25%, AND experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of your employees by more than 25%.
For help completing these applications, please refer to the instructions:
Please refer to the Paycheck Protection Program Loan Forgiveness Application Instructions for Borrowers for information on the documentation you must provide with your Loan Forgiveness Application.
It will be important for your supporting information to be clearly organized, with totals that match your application. You must supply supporting documentation for all amounts being requested to be forgiven. If documentation is not provided, you may not be eligible for full forgiveness or your application may be rejected in full.
You may upload your application along with the supporting documentation using our secure upload tool below. When uploading your documents, please follow these simple rules:
1. Combine all documents into one file.
2. Clearly name your file. You should name the file as your Business Legal Name. The Business Legal Name should appear as the name on your Business Note (Unsecured) loan document.
Once we receive your completed application, WoodTrust Bank has up to 60 days to process your application. We hope to have a decision to you in a much more reasonable time; however, the time will depend on our volume.
Once we provide you a decision, we will also notify the SBA of our decision. The SBA has up to 90 days to accept our decision and provide payment on your loan. If WoodTrust Bank or the SBA rejects your application in whole or in part, we will notify you within 5 days that decision. You will then have up to 30 days to appeal the decision. We will provide you instructions on this appeal process if you are notified your application has been rejected.
If you have questions regarding the SBA PPP Loan Forgiveness requirements, please refer to the US Treasury here or the SBA websitehere for more information.