COVID-19 SBA Paycheck Protection Program

Update as of October 21

If your loan amount was more than $50,000 If your loan amount was $50,000 or less

Enterprise will begin accepting Form 3508 and 3508EZ PPP loan forgiveness applications on October 27, 2020.

You will receive a separate email from us with a link to your Loan Forgiveness Application on October 27365体育投注. You will be able to submit your forgiveness application and supporting documents electronically. While you are able to submit paper forgiveness applications, we strongly encourage you to use our electronic forgiveness platform which will pre-fill portions of your application, making the process more efficient and easier for you. 

You are eligible to use Form 3508S, a simpler forgiveness application for PPP loans that was recently released by the SBA. Our vendor is updating the forgiveness platform for this new form. As soon as we are ready to accept the Form 3508S, we will notify all impacted borrowers. Please do not submit the Loan Forgiveness Application at this time.

for review purposes only, a link to the new form 3508s is and the instructions are .

A link to the SBA FAQ’s on loan forgiveness is . For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.


Update as of October 15

On October 8, the SBA issued a simpler forgiveness application for PPP loans in the amount of $50,000 or less. Our forgiveness platform is being updated for the new application. In addition, the SBA must update their system to accommodate the new application. As soon as we have more information on the timing of the system changes, we will make a decision on the forgiveness application start date. Please do not submit the Loan Forgiveness Application at this time.

365体育投注for review purposes only, a link to the new form 3508s is and the instructions are .

A link to the SBA FAQ’s on loan forgiveness is . For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.


Update as of September 21

We anticipate launching our forgiveness process in early October.  We’re preparing, testing, and piloting our forgiveness process so it is easy and efficient for you. Please do not submit the Loan Forgiveness Application at this time.

when we begin accepting applications, all enterprise ppp clients will receive an email from us with a link to their loan forgiveness application. 

A link to the SBA FAQ’s on loan forgiveness is . For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.


Update as of August 31

No additional guidance on PPP forgiveness has been issued and there are still many unanswered questions about the forgiveness calculations and requirements. We've been preparing our forgiveness process so it is efficient for you, but believe it is prudent to wait for additional guidance in order to minimize the possibility of you having to submit an application twice. We continue to consult with the SBA, internal and industry experts, and counsel.  As a result, we will not accept forgiveness applications until September 21, 2020. This date is subject to change.
 
365体育投注 When we begin accepting applications, all Enterprise PPP clients will receive an email from us with a link to their Loan Forgiveness Application. 

A link to the SBA FAQ’s on loan forgiveness is . For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.


Update as of August 12

365体育投注on august 4, the sba released faqs on paycheck protection program (ppp) loan forgiveness. the faqs supplement the interim final rules issued earlier this year, but leave many unanswered questions about the loan forgiveness calculations.

We are working diligently to prepare our forgiveness process so it is efficient for you. At this time, we do not intend to accept forgiveness applications until September 8, 2020. This date is subject to change.

365体育投注when we begin accepting applications, all enterprise ppp clients will receive an email from us with a link to their loan forgiveness application.

A link to the SBA FAQ’s on loan forgiveness is . For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.


Update as of July 29

365体育投注last week, the sba announced that they will begin accepting forgiveness applications from lenders on august 10, subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system. however, lenders are still waiting for final instructions on how to submit forgiveness to the sba which may be delayed due to legislative amendments.  

We are not accepting forgiveness applications until we receive and evaluate the submission instructions from the SBA, which may be after August 10.365体育投注 We are working diligently to prepare our forgiveness process so it is efficient for you.

when we begin accepting applications, all enterprise ppp clients will receive an email from us with a link to their loan forgiveness application.

For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.


Update as of July 28

365体育投注as of july 27, we are no longer accepting applications for the paycheck protection program. receipt of an application by july 27 does not guarantee that a ppp loan will be processed by us and approved by the sba by the august 8 deadline. 

For more information on the loan forgiveness process, click here for our Forgiveness Page and click here for our PPP FAQ page.


Update as of July 6

on saturday, july 4, the president signed a bill that extends the paycheck protection program to august 8, 2020. this is the last date on which a ppp loan application can be submitted to and approved by the sba. to provide adequate processing time, we will stop accepting ppp applications on july 27, 2020. receipt of an application by july 27 does not guarantee that a ppp loan will be processed by us and approved by the sba by the august 8 deadline.

For more information on the loan forgiveness process, click here for our Forgiveness Page and click here for our PPP FAQ page.


Update as of June 18

365体育投注on june 17, the sba issued a new interim final rule that implements changes made by congress in the paycheck protection program flexibility act of 2020 (pppfa). they also issued a revised forgiveness application to reflect the pppfa changes along with a new “ez” paycheck protection program loan forgiveness application.  a link to the new interim final rule is .

For more information on the loan forgiveness process, visit our Forgiveness page and PPP FAQ page.


Update as of June 11

On Friday, June 5, the President signed the Paycheck Protection Program Flexibility Act of 2020 and the SBA issued a new Interim Final Rule on June 11, 2020. The Act confirms that June 30, 2020 remains the last date on which a PPP loan application can be submitted to and approved by the SBA. To provide adequate processing time, we will stop accepting PPP applications on June 16, 2020. Receipt of an application by June 16 does not guarantee that a PPP loan will be processed by us and approved by the SBA by the June 30 deadline. 

the act provides more flexibility for borrowers, including:

  • Extends the time frame to spend the funds (covered period) from eight weeks to 24 weeks.
  • Lowers the payroll threshold amount from 75% to 60%. Forgiveness will be reduced proportionally if payroll does not meet the 60% threshold. 
  • The amendment added refinancing of an SBA EIDL loan made between January 31, 2020 and April 3, 2020 as an eligible expense. The other expenses eligible for forgiveness still include rent, mortgage payments, utilities, and interest on loans. 
  • Extends the payment deferral period to the date the SBA remits the borrower’s loan forgiveness amount to the lender or, in the event the borrower does not apply for loan forgiveness, up to 10 months after the covered period ends.

in addition, the minimum loan term for all new ppp loans approved on or after friday, june 5, 2020 will be five years. 

The Flexibility Act also requires the SBA to revise the Forgiveness Loan Application. We will update the SBA PPP Loan Forgiveness web page when we receive the revisions. As a reminder, required forgiveness documentation includes IRS quarterly filings that are due based on the quarter that ends June 30, 2020. Therefore, no loan forgiveness applications will be accepted PRIOR TO JULY 1, 2020. We will proactively reach out to all PPP clients when we are ready to begin accepting applications.

365体育投注more specific information will be distributed when additional guidance is issued.


Update as of June 8

On Friday, June 5, the President signed the Paycheck Protection Program Flexibility Act of 2020. While the Act provides more flexibility for borrowers, lenders are waiting for additional guidance to implement some of the changes. The changes require the SBA to revise the Forgiveness Loan Application and we will post the revised application when it is available. Required forgiveness documentation includes IRS quarterly filings that are due based on the quarter that ends June 30, 2020. Therefore, no loan forgiveness application will be accepted PRIOR TO JULY 1, 2020. We will proactively reach out to all PPP clients when we are ready to begin accepting forgiveness applications.


Update as of May 28

The SBA recently released an Interim Final Rule (IFR) on forgiveness, which you can review . We expect additional guidance to come from the SBA soon. Click here for more detailed information on the IFR and next steps.


Update as of May 18

the sba recently released the for forgiveness to help you get familiar with the requirements, but the sba has not yet released instructions or final guidance to lenders. until that guidance is received, we cannot accept forgiveness applications. when we have received additional information from the sba, you will receive an email from us with a link to the forgiveness application process. please do not submit the loan forgiveness application at this time. we will have a formal and electronic process in place at a later date. please consult with your accountant or legal counsel for advice on forgiveness. 


Update as of April 27

365体育投注with the second round of ppp funding approved, enterprise is in the process of submitting the many applications we have in our queue. we have been working around the clock to process applications since the first round of funding was depleted. as a reminder, applying more than once will slow down your application process. 

Be sure to explore government-sponsored and other programs here


Update as of April 16

365体育投注as of april 16, government funding is depleted. we are continuing to work around the clock to process applications so if government funding is extended, we can send as many applications as possible to the sba. if you have already applied, please do not apply again as it will slow down your application. 

365体育投注enterprise is committed to helping you navigate through this time and have additional programs and resources available. please reach out to your relationship or portfolio manager if you would like to explore additional options.


Update as of April 2

on march 27, president trump signed the coronavirus aid, relief, and economic security (cares) act, which includes the small business administration (sba) paycheck protection program (ppp). this almost $349 billion program is intended to provide relief for small businesses and their employees who are adversely affected by covid-19.

as a preferred 7(a) lender, enterprise will provide funding for this program. we know the demand will be very high, and we are committed to making our process as simple and efficient as possible. 

365体育投注enterprise is committed to helping you navigate the covid-19 loan relief programs. we will continue to update this page as additional information becomes available.