Updates to PPP Loans

May 5, 2021 Update:

As of May 4th the SBA has run out of funds for the PPP program. We are not able to accept new applications at this time. Additionally, applications recently received will be provided status within next two weeks.

As always, we can communicate promptly via email at PPPforgiveness@ithinkfi.org

Please Complete Your PPP Forgiveness Paperwork

To our PPP borrowers,

It is now time to submit your forgiveness paperwork!

The links below contain the most recent forgiveness applications and guidance provided by the SBA for your PPP loan with iTHINK Financial. Provided your business has maintained the same level of full time equivalent employees or you are a Schedule C filer, you may use the EZ Loan Forgiveness Application. If you have reduced staff or cut wages to staff as noted in the instructions, you will need to complete the standard application.

For EZ Loan Forgiveness:

For Standard Loan Forgiveness:

Please forward your completed application along with the supporting documentation described in the instructions and also listed below to pppforgiveness@ithinkfi.org. We will review your submitted application within 5 business days and communicate any anomalies, corrections or required additional information. You can find your SBA loan# (on your loan closing documents) or Lender PPP loan# (membership ID) in the correspondence from iTHINK Financial. Please email us at pppforgiveness@ithinkfi.org if you are unable to locate them.

Also please note, the SBA has 90 days to review your application for forgiveness once it is submitted to them so the process will take some time.

Lastly we are experiencing a very high volume of questions and requests. Please email all questions to us directly at pppforgiveness@ithinkfi.org

Documentation Requirements:

Payroll

Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following:

  • Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
  • Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
    • Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
    • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
  • Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount.


Nonpayroll

Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period. (Remember: this only applies if you included nonpayroll expenses in the amount for which you are trying to seek forgiveness.)

  • Business mortgage interest payments: Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
  • Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
  • Business utility payments: Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments
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