SBA PPP Forgiveness - First Metro Bank

SBA Paycheck Protection Program Loan Forgiveness

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Over the past several months, First Metro Bank has worked diligently to provide financial relief to over 500 small businesses throughout the Shoals.  The SBA has now released guidance regarding the forgiveness process and First Metro Bank is ready to assist you!  If you received a Paycheck Protection Program Loan through First Metro Bank, please read the information below to determine which of the three forgiveness applications you should complete and return to your lender.

 

Borrowers of $50,000 or Less

If you borrowed $50,000 or less, please complete the PPP Loan Forgiveness Application Form 3508S and return it along with the neccessary supporting documents mentioned in the PPP Loan Forgiveness Application Form 3508S Instructions.

Application: Click HERE for the PPP Loan Forgiveness Form 3508S

Instructions: Click HERE for the PPP Loan Forgiveness Form 3508S Instructions

 

Borrowers of Over $50,000

If you borrowed over $50,000, please read the statements below to determine whether you should complete the PPP Loan Forgivenss Form 3508EZ or 3508.

  •  You applied for your PPP loan as self-employed, an independent contractor, or a sole proprietor with no employees.
  •  You did not reduce salary or wages for any employee by more than 25%, and did not reduce your employees' hours (except laid-off employees who refused an offer to return).
  •  You did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.

If your answer was YES to at least one of the statements above, please complete the PPP Loan Forgiveness Application Form 3508EZ and return it along with the neccessary supporting documents mentioned in the PPP Loan Forgiveness Application Form 3508EZ Instructions.

Application: Click HERE for the PPP Loan Forgiveness Application Form 3508EZ

Instructions: Click HERE for the PPP Loan Forgiveness Application Form 3508EZ Instructions

If you did NOT answer yes to at least one of the statements above, please complete the PPP Loan Forgiveness Application Form 3508 and return it along with the neccessary supporting documents mentioned in the PPP Loan Forgiveness Application Form 3508 Instructions.

Application: Click HEREfor the PPP Loan Forgiveness Application Form 3508

Instructions: Click HERE for the PPP Loan Forgiveness Application Form 3508 Instructions

 

The information above was updated on November 4, 2020. The information is subject to change through the SBA. First Metro Bank will update information as needed. If you have any questions regarding the forgiveness process, please call 256-386-0600 and ask to speak to a member of the SBA Loan Team.