4/2/21 Paycheck Protection Program (PPP) Update
April 2, 2021
Dear PPP Borrower,
As a First Draw Paycheck Protection Program (PPP) borrower with The First National Bank of Long Island, your next important step is to apply for forgiveness*. These loans are not automatically forgiven. Be aware if you do not apply for and receive forgiveness from the SBA, you will be required soon to begin making payments on your loan. To apply for loan forgiveness, you must complete and submit the loan forgiveness application. There are three types of PPP loan forgiveness applications. Begin by choosing the right one for you (don’t forget to download the instructions):
- FORM 3508-S
- FORM 3508-EZ
Self-employed, independent contractor or sole proprietor with no employees; OR
You did not cut salaries or wages by more than 25%, and did not reduce employee hours; OR
You did not cut salaries or wages by more than 25% and you were unable to operate at full-service capacity as a result of government COVID-19 health directives.
- STANDARD FORM 3508
If you don’t meet the standards listed for the 3508-EZ, then you must use this longer form application.
For further information, please contact your local branch or loan officer. Submit your completed application via email to firstname.lastname@example.org
Your documentation will be reviewed and processed in accordance with the SBA guidelines.
We hope the funding has positively impacted your business and provided you with additional financial security. If you have any questions about the forgiveness process, your local First National LI branch or your loan officer is your best point of contact.
President & CEO
*PLEASE NOTE: The PPP information on our Announcements webpage at fnbli.com is subject to change pursuant to guidance published by the Small Business Administration. We cannot guarantee that the SBA will approve full forgiveness upon your application. Application decisions may also be delayed by factors out of our control. The First National Bank of Long Island is not a tax advisor company. There may be additional guidelines and information, regarding your organization’s tax situation, not included in this email. For more information, you should always contact your tax advisor or visit the IRS website.