Paycheck Protection Program (PPP) Loans & Forgiveness

We know these are very challenging times and we want to make sure getting a PPP loan or forgiveness isn’t something you have to stress about.

*** First Bank of the Lake is not currently participating in the SBA Direct Forgiveness Program. We have elected to use our own process which was already in place. ***

Ready to apply for PPP Forgiveness?

Email us to get started!

Please remember to provide your business name EXACTLY as it appears on your PPP Loan. The unique link and PIN to access your forgiveness application will be sent to the email you provided on your PPP Loan Application.  

    You have 10 months after the end of your Covered Period to apply for Forgiveness before you will start being billed for monthly payments. For this deadline calculation, the SBA allows the maximum 24-week Covered Period even if you elect to use a shorter Covered Period in your Forgiveness Application. The beginning of your Covered Period is determined by the SBA and is based on the Loan Disbursement Date and cannot be changed. For Second Draw (PPP2) Forgiveness Applications, you must have already received a Forgiveness Decision from the SBA on your First Draw (PPP1) loan before you file for Second Draw (PPP2) Forgiveness. First Bank of the Lake has 60 days to review a completed application, and may, at our discretion, ask for verification of the Forgiveness status of your First Draw (PPP1) prior to submitting your Forgiveness application for your Second Draw (PPP2). Once the completed application has been reviewed and sent to the SBA, the SBA has 90 days to render its decision. 

    If your payroll expenses meet/exceed your loan amount, it is not necessary to include non-payroll expenses

    We determine eligibility, while the SBA ultimately makes Forgiveness decisions. We help you in this process, so please do not stress over getting it 100% complete on your first submission to us.

    Who is eligible to receive a PPP Loan?

    For 3508 and 3508EZ

    Include a Payroll Report for your Covered Period. CARES reports are preferred. Your first pay date/check date must be on or after the beginning of your Covered Period, even if it was for a prior pay period. Your last pay period must end on or before the end of your Covered Period, even if the pay date/check date is after the end of your Covered Period. 

    Include 941's, State Unemployment Tax Filings, and State Business Tax Filings for any months/quarters your Covered Period touches. If you are filing for Forgiveness during the same quarter in which your Covered Period ends, you would not have filed these for that quarter and therefore that quarter's reports are not required.

    For 3508

    Include a Payroll Report or FTE Report for 1/1/20-2/29/20 AND 2/15/19-6/30/19.

    For 3508EZ

    Include a singular payroll report with 1/1/20 in the pay period and a singular payroll report with the end of your Covered Period in the pay period.

    For 3508S

    No documentation is required (except 2nd Draw Loans where you must upload your revenue reduction documentation). Select Second Draw (PPP2) Applications are excluded from this requirement by the SBA. If this applies to you, your application will not have fields requiring you to document Revenue Reduction.

    For Revenue Reduction, please provide one of the following:

    • Quarterly Financial Statements for the Borrowing Entity: If not audited, the applicant must sign and date the first page of the financial statement and initial all other pages attesting to their accuracy. Applicants should annotate which items/figures constitute gross receipts if not clear.
    • Quarterly or Monthly bank statements showing deposits for the relevant quarters. Applicant must annotate which deposits constitute gross receipts if not clear.
    • Annual IRS Tax Filings for 2019 and 2020: Required if the applicant is using annual period comparisons. Returns should be signed and dated. Filed returns only.

    For Revenue Reduction

    You are required to provide documentation that matches the period you chose when you calculated the Revenue Reduction for your Second Draw (PPP2) Loan application.

    Your Forgiveness Application is an application submitted to a Federal Agency, much like your tax return submitted to the IRS. There are three ways to complete the Application: Accurately, Completely, and Truthfully. We also check your application to make sure it conforms with the 3 C’s: Clear, Concise, and Complete. Please understand if we ask you to submit any additional documentation, reorganize submitted documentation, or provide clarification/calculations, it is in the spirit of an advocate who is helping you with your Forgiveness Application. Thank you for working with us as we help determine your Forgiveness eligibility so your Application may ultimately be submitted to the SBA for a decision.

    Why do people love First Bank of the Lake?

    Here’s what some of our customers have to say about our PPP team.

    When I got the email that the First Bank of the Lake approved my loan and was set to be funded, I wanted to personally let you know how grateful I am and how this is going to help. 

    I suppose it took something like this to realize how important it is to be connected with banks like yours. Banks who care about their customers, who care about their customers’ businesses and can appreciate the struggles of small businesses in times like these. Thank you all again for your hard work and help.

    — A PPP Loan Customer

    [This loan] is a LIFESAVER for our organization and I thank FBOL for processing my application in a professional manner and, especially being able to help us, as our own home bank did nothing for small businesses.

    I can’t wait to change not only our bank, but my own personal accounts as well.

    — A PPP Loan Customer

    I wanted to THANK YOU from the bottom of my heart! Your kindness and willingness to work with us is a remarkable compliment to you on what a special person you are. As you know, we got approved last night, and my small business here in Annapolis has the funds to survive.

    — A PPP Loan Customer

    Four simple words, but they are at the core of everything we do.

    They are the difference that sets us apart.