icons
 
Get Started  |  Get Assistance  |  View Frequently Asked Questions  |  Discover PPP Resources
 

Cape Cod 5 is now accepting digital loan forgiveness applications for loans received in 2020. Loans of $150,000 and under will utilize the streamlined forgiveness process (which requires fewer calculations and no supporting documentation). Please choose an option below to get started. 

Businesswoman on laptop in warehouse
Streamlined Forgiveness for 2020 Loans of $150,000 and Under

Get Started

Loans $150,000 and under
Businessman using computer on counter at bakery
Forgiveness Application Guide for 2020 Loans Over $150,000

Get Started

Loans over
$150,000
Mouse and keyboard with welcome back key
Return to an Existing Application in Progress
 

Log In

Returning to an application

 

 

We're here to help

For assistance with locating your SBA loan number or other questions on applying for forgiveness, please call us at 888-225-4636 and press 8

The Paycheck Protection Program (PPP) is a federal relief program that offers forgiveness for certain eligible expenses when program conditions are met. PPP loan recipients are responsible for tracking and documenting eligible expenses over the forgiveness period from when loan funds are received and for submitting a request for PPP loan forgiveness at the end of the forgiveness period. 
Information regarding PPP loan forgiveness is based on that which has been released by the U.S. Treasury Department and SBA and is provided for your convenience. PPP loan recipients should stay informed of the latest information released by these agencies using the resources below. Please note that future information released by these agencies may impact the forgiveness guidelines below and all participating banks, including Cape Cod 5, are required to follow applicable regulations to determine the loan amount that is forgivable.

 

Frequently Asked Questions

Loan Forgiveness

Do I need to apply for loan forgiveness?
Yes. All PPP loan recipients must apply for potential loan forgiveness in order to potentially have all or a portion of the loan forgiven. Forgiveness means that you will not have responsibility to pay the forgiven portion of the loan (including principal and accrued interest). If you do not apply for forgiveness or a portion of the loan is not forgiven, you will be responsible for making payments on that loan amount (principal plus accrued interest) according to the loan terms on your loan note.  
I received a PPP loan in 2021. Can I apply for loan forgiveness?
Currently, Cape Cod 5 is only accepting loan forgiveness applications for loans received in 2020. We will notify you when we are accepting loan forgiveness applications for loans received in 2021. In the meantime, we encourage you to review SBA resources to familiarize yourself with the forgiveness process.
I have no employees. Do I still need to apply for loan forgiveness?
Yes. Sole proprietors, independent contractors and self-employed individuals who had no employees at the time of the PPP loan must apply for potential loan forgiveness in order to potentially have all or a portion of the loan forgiven.  
Loans of $150,000 and under qualify for the streamlined forgiveness application process, which involves fewer calculations and no upload of supporting documentation. 
When does my covered period or forgiveness period start?
Your covered or forgiveness period begins on the date you received your PPP loan funds. It ends on a date you select that is at least 8 weeks following the date of disbursement and not more than 24 weeks after the date of loan disbursement. In no event may the covered period extend beyond December 31, 2020 for loans received in 2020. 
For example, if you received your PPP loan proceeds on Monday, April 20, 2020, the first day of the Covered Period is Monday, April 20, 2020, and the final day of the Covered Period is any date you select between Sunday, June 14, 2020, and Sunday, October 4, 2020.  
When can I apply for loan forgiveness?
The SBA has stated that you may apply for forgiveness at any time during the term of your loan (and if you apply within 10 months of the last date of your covered or forgiveness period). We encourage borrowers to review the guidelines below when deciding when to apply:   
  • Availability of documentation – Prior to beginning your forgiveness application, please gather all your supporting documentation, as it will be required to submit your application for review. Some of these documents may not be available immediately, and having full documentation available prior to starting your digital application is recommended.     
  • Use of funds – To maximize loan forgiveness, we recommend that you wait until the end of the covered period or when you have used all the funds you expect to use on expenses eligible for forgiveness.    
  • Staffing levels – If you will need to prove you have maintained or reinstated staffing levels, you will need to apply after the date of your covered period or date of full reinstated staffing. Please note that this does not apply to businesses that had COVID–related business restrictions due to compliance with governmental guidance. 
If I elect a 24-week covered or forgiveness period and use my funds prior to the end of 24 weeks, can I apply early?
Yes, the SBA has stated that a borrower can apply prior to the end of the 24-weeks. Please note that if you apply early, you will need to pro-rate the amount of non-owner employee and owner employee compensation according to the number weeks used in the covered period as per the below example:
If using the 24 week covered period, the maximum amount of compensation eligible for forgiveness for a non-owner employee is $46,154 ($100,000/52 weeks x 24 weeks). If a shorter period is used, for example, 14 weeks, then the maximum amount of compensation eligible for forgiveness is $26,923 ($100,000/52 weeks x 14 weeks). For an owner-employee, if using 24 weeks, the maximum amount of compensation eligible for forgiveness is $20,833. This amount would need to be pro-rated as well, as follows. If applying after 14 weeks, the maximum amount of compensation eligible for an owner-employee is $12,152 ($20,833/24 weeks x 14 weeks). 
Which forgiveness application should I use?
When you log into the Forgiveness portal, you will need to select a forgiveness application to fill out. Please see additional information on the criteria for each application: 
Streamlined Form 3508S: If your loan is $150,000 and under, please use the streamlined S Form. 
PPP S Loan Forgiveness Form (Form 3508S)  
Simplified 3508EZ Form: Loans over $150,000 may use the simplified 3508EZ Forgiveness Application Form if they meet at least ONE of the below criteria:  
The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);  
AND  
The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period.  
  • Ignore reductions that arose from an inability to rehire individuals who were employees on February 15, 2020 if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020 (or, for a PPP loan made after December 27, 2020, the last day of the Covered Period).  
  • Also ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused. See 85 FR 33004, 33007 (June 1, 2020) for more details.  
OR  
The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);  
AND  
The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 (or, for a PPP loan made after December 27, 2020, requirements established or guidance issued between March 1, 2020 and the last day of the Covered Period) by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.  
If you cannot attest to one of the criteria above, you must complete the full Forgiveness Application (Form 3508).    
Please use the below links to view full application instructions from the SBA.  When you apply via the Cape Cod 5 PPP portal, you will select and complete your forgiveness application in the portal.  
PPP EZ Loan Forgiveness Form (Form 3508EZ)  
Form 3508: If your loan is over $150,000 and you cannot attest to one of the criteria above, you must complete the full Forgiveness Application (Form 3508).    
PPP Loan Forgiveness Application Form (Form 3508)  
If you are completing the full application, complete Worksheet A calculations in advance of submitting your loan application. 
On the application it asks for Employees at the time of Loan Application and Employees at the time of Forgiveness Application. What do I put on these lines? Total employees? Average FTE’s?
On questions regarding the number of employees, you should input the total number of employees, including both full-time and part-time, and not the average number of FTE’s. These lines are being used by the SBA for informational purposes only and do not impact the forgiveness calculation.
If forgivable payroll costs cover the entire loan amount, do I have to include amounts for business mortgage interest, rent or utilities?
No, there is no requirement to include amounts for the other non-payroll costs if forgivable payroll costs cover the entire loan amount.
If I pay payroll monthly to some employees and weekly to others, can I elect the alternative payroll covered period?
No, all of the borrower’s payroll must be paid bi-weekly or more frequently in order to elect the alternative payroll covered period.
Should my business entity’s application be completed by the same authorized representative who submitted the PPP application?
An authorized signer will be required to sign the forgiveness application. Only one signer is required for the forgiveness application.    
Do I have to make payments on my loan in advance of submitting my forgiveness application or while I wait for a decision on my forgiveness application?
As long as you submit your application within 10 months of the completion of your covered or forgiveness period (See “When does my covered period or forgiveness period start?”), you will not be required to make any payments until the forgiveness amount decision is received by Cape Cod 5 from the SBA. Interest will continue to accrue on the loan and will be forgiven for any portion of the loan that is forgiven. You will be responsible for paying the accrued interest on any amount of the loan that is not forgiven.
What can I expect after I’ve submitted my forgiveness application to Cape Cod 5?
Please note that the forgiveness process involves several steps and it can take up to 5 months after submission of your completed forgiveness application to Cape Cod 5 to receive a final determination on loan forgiveness from the SBA. As long as you apply within 10 months of the end of your forgiveness or covered period, you will have to make no loan payments while awaiting the SBA decision (interest will continue to accrue).  
  • Once you submit your forgiveness application to us, Cape Cod 5 will review your application and supporting documents and then send the authorized signer a link to sign the forgiveness application (this review can take up to 60 days).  
  • After the initial review, if there are questions or follow-up information is needed, you will receive a message in the secure portal.  
  • After the authorized signer signs the application, Cape Cod 5 will submit your loan application to the SBA. The SBA will have 90 days to review and notify Cape Cod 5 of their response. Cape Cod 5 will then notify you when we hear from SBA on the loan forgiveness decision (and the due date for the first payment on any unforgiven portion of the loan amount).
What resources are available to help me with my forgiveness application?
PPP borrowers are responsible for reviewing, understanding and complying with the guidance available from the SBA and Treasury. Additionally, you may want to consult with your CPA regarding your application. If you do not have a CPA and would like individual support, Cape Cod 5 has a list of local and regional CPA firms who offer services to assist with PPP loan forgiveness (see CPA Resources).  
Should you have a procedural question when completing your forgiveness application, you also may use the “Ask an Accountant” feature in the portal to ask a question of an accountant (See “What is the Ask an Accountant” feature below).  
Please note that responses will be received within 24 hours Monday through Friday and sensitive information (such as account numbers) should not be sent via this messaging application.  
May I apply for an additional loan?
Update as of Tuesday, May 4 at 6pm:
According to the Small Business Administration (SBA), funding for Paycheck Protection Program (PPP) Loans has been exhausted and the SBA is no longer accepting applications from most lenders. As such, Cape Cod 5’s PPP Loan application portal is no longer able to receive applications.
If you had previously submitted an application that received SBA approval prior to May 4, 2021, click here to view the status of your application/loan funding. 
I received both an Economic Injury Disaster Loan (EIDL) advance and a PPP loan. How will this impact my forgiveness?
EIDL advances do not need to be repaid and businesses who received an EIDL Advance in addition to a PPP loan will not have the amount deducted from their PPP loan forgiveness. 
Source: SBA EIDL Information

Loan Forgiveness Portal

Will I need to establish a new account for the forgiveness portal?
If you have previously begun a PPP Loan Forgiveness Application or started a PPP loan application in 2021:  You will sign in using the same portal log-in to start your loan forgiveness application in the Loan Portal.     
If you have not previously begun a PPP Loan Forgiveness application and have not started a PPP loan application in 2021:  You will sign up for a PPP Loan portal account by registering an email log-in and password of your choosing.     
To start a loan forgiveness application, you will need the TIN from your PPP application, the SBA loan number (located on your loan closing documents) and your loan amount. 
What internet browser should I use to access the Forgiveness Portal?
The PPP Loan Portal requires the use of Google Chrome or Microsoft Edge browser.
What is the “Ask an Accountant” feature?
The Ask an Accountant feature allows you to ask questions regarding your forgiveness application to be answered by a CPA firm. You may submit questions via the button in the portal (you must fill in your email and question and may optionally fill in your name). Responses to questions will be sent via email within 24-hours Monday – Friday. Please do not send sensitive information (such as account numbers) via this feature. Advice offered through this feature is limited to text questions and does not include the review of any documentation.  
Please note that this is not considered legal advice and any actions pertaining to the forgiveness application remain the responsibility of the borrower.  
Do I need fill out the Forgiveness application (Form 3508 or 3508EZ) provided by the SBA in paper format?
No, please do not complete a paper application. Cape Cod 5’s digital application process will assist you in providing the information needed for the SBA. Cape Cod 5 will not accept paper application submissions. 

 

What if I don’t have the pieces of information needed to log in to Forgiveness Portal?
Your SBA loan number and loan amount can be found on your loan closing documents. The TIN used for your loan can be found on your PPP loan application.  
For assistance in locating your SBA loan number and loan amount, please call us at 888-225-4636 and select the option for Paycheck Protection Program Information.  
Please note that our Banking Centers will be unable to assist you in this process.

 
What email address will portal communications be delivered from?
Communications sent via the Forgiveness Portal (including updates on your application status and messages from the Cape Cod 5 lender reviewing your application) will be sent from SBA Forgiveness Queue with an email of [email protected]. Please add this email address to your trusted senders or address book to ensure you receive time-sensitive communications. 
I am having trouble locating my loan and creating an account.
Please call us at 888-225-4636 and select the option for Paycheck Protection Program Information.  
Please note that our Banking Centers will be unable to assist you in this process.
What if I realize that I need to make a correction after submitting my forgiveness application?
Should you need to update or change anything on your forgiveness application after submission, please submit a message via the portal. Cape Cod 5 will need to unlock your forgiveness application in order for you to make edits via the portal.  

Information Icon
 

Paycheck Protection Program Resources

As a PPP loan recipient, you should stay informed of the latest information released by the SBA and US Treasury Department.
Loans $150,000 and under Streamlined S Form (Form 3508S):
Loans over $150,000 Simplified EZ Form (Form 3508 EZ):
Full Forgiveness Application for Loans over $150,000 (Form 3508):

 

CPA Resources

Local and regional CPA resources for customers who would like individual support:
Check Icon
 
The PPP is a federal relief program created to assist small and medium-sized businesses affected by the Covid-19 pandemic, and all participating lenders, including Cape Cod 5, must follow program regulations as set by the SBA and U.S. Treasury. The information on this page is provided for your convenience, and all borrowers are responsible for understanding and complying with the latest guidance issued by the SBA and are strongly encouraged to view the latest information provided by the SBA at www.sba.gov/ppp. Please note that future information released by government agencies may impact forgiveness guidelines and all participating banks, including Cape Cod 5, are required to follow applicable regulations to determine the loan amount that is forgivable.
Need Help?

Call 888-225-4636

—  or  —

  Email Us