Marine Bank & Trust appreciates your patience and is happy to inform you that we are now accepting PPP Forgiveness applications. To make the process as smooth as possible, we’ve prepared some frequently asked questions we hope will help you with the process.

 

What should I prepare before applying for PPP Forgiveness?

You should work with your accounting team and CPA to prepare the supporting payroll and non-payroll documents showing how you used your PPP funds. We encourage you to review the SBA Forgiveness Forms instructions (Opens in a new Window) (Opens in a new Window).

Where can I apply for PPP Forgiveness?

If Marine Bank originated your loan, you can apply for PPP forgiveness using Marine Bank’s online portal called the Forgiveness Questionnaire (Opens in a new Window) (Opens in a new Window) (Opens in a new Window). In the portal, you will have access to your loan forgiveness applications and be able to upload needed documents. 

If your PPP loan was for $150,000 or less (Opens in a new Window), you can complete the SBA's REVISED PPP Loan Forgiveness Application Form 3508S.  Simply complete the form and email the PDF to PPPforgiveness@marinebankandtrust.com (Opens in a new Window).

When should I apply for Forgiveness? 

You may submit your PPP Forgiveness application after your covered period ends. Initially, the SBA required borrowers to apply within six months after the elected covered period. However, as a result of the Flexibility Act of 2020 signed on June 5, 2020 which revised the law, the initial six-month period to submit the forgiveness questionnaire has been extended by an additional 10 months after the elected covered period.  This means the total deferment period is 16 months from the original funding date. This updated rule does not require any action on the borrower. 

Please note: The expiration date of 10/31/2020 in the upper righthand corner of SBA forms 3508, 3508EZ, and 3508S IS NOT the application submission deadline, but rather a compliance requirement related to the Paperwork Reduction Act.  

What is my covered period?

The covered period is your elected 8-week or 24-week period covered by your PPP funds. The SBA allows all loans to use the 24-week covered period. Borrowers should be tracking their covered period start and end dates.

When is Marine Bank accepting Forgiveness applications?

Marine Bank began accepting PPP Forgiveness applications on Friday, October 2, 2020. Keep reading for instructions on how to access your PPP Forgiveness Questionnaire. 

Why a separate Forgiveness Questionnaire portal?

The online Forgiveness Questionnaire portal was designed to assist Marine Bank customers with forgiveness calculations before submitting them to the SBA.

Is the Forgiveness Questionnaire complicated?

No. The Forgiveness Questionnaire guides you through SBA Forgiveness application forms 3508 (Opens in a new Window) (Opens in a new Window) and 3508EZ (Opens in a new Window) (Opens in a new Window) and its calculation criteria with summary pages to review what’s been entered. 

How long does it take to complete the Forgiveness Questionnaire?

The time needed to complete the Forgiveness Questionnaire depends on your ability to enter the information required for the calculations. To expedite the completion of your Forgiveness Questionnaire, we encourage you to prepare by using the payroll and non-payroll costs on forms 3508 (Opens in a new Window) (Opens in a new Window) and 3508EZ (Opens in a new Window) (Opens in a new Window).

Can I stop and return to my questionnaire at a later time?

Yes. You may stop, save, and exit from the Forgiveness Questionnaire at any time. Simply use the link emailed to you for continued access.

Can I apply before the end of my 24-week covered period?

Yes. If you have maximized your funds earlier than the 24-week covered period, your supporting documentation should detail your specific shortened time frame rather than the original 24-week time frame.

Besides the questionnaire, what else can I submit through the Forgiveness Portal? 

Once the questionnaire is completed, you will be required to upload the supporting forms detailing payroll and non-payroll costs.

How does the PPP Forgiveness Questionnaire request work?

You will be prompted to enter your primary contact information and hit submit.
You will see your assigned PPP Forgiveness ID and a link to the Forgiveness
Questionnaire form will be sent to your email.
When you click on the link to open the form, you are required to complete three fields.
  • Email address from their borrower app
  • EIN or SSN loan was filed through and
  • SBA loan number
Click Confirm
Once your questionnaire is accessed, the Introduction section appears with the list of confirmations and “I agree to electronic communications” checkbox. Please click to agree and “Start Questionnaire.”
Next, the Options page appears where you choose which form the questionnaire will take: the 3508EZ (Opens in a new Window) (Opens in a new Window) form or the 3508 (Opens in a new Window) (Opens in a new Window) Standard Form. The questionnaire input fields follow SBA Forgiveness Application forms.
To ensure a smooth application process, you should have your information ready to input. Questionnaire inputs are followed from their calculated Payroll Costs, Non-Payroll Costs, Schedule A & Schedule A worksheets, and FTE (Full Time Equivalent) calculations.
Form 3508EZ (Opens in a new Window) (Opens in a new Window) is a shorter form which has fewer input criteria to follow with verification for Safe Harbor points through the beginning of the form.
Form 3508 (Opens in a new Window) (Opens in a new Window) Standard is more thorough with options to list Schedule A worksheets. 
There are required document uploads on both forms. 
Detailed instructions (Opens in a new Window) (Opens in a new Window) for completing either form are available.
Once you complete your Forgiveness Questionnaire, it will be submitted through the portal to the PPP processing desk for review.

What happens after I submit my Forgiveness Questionnaire?

Marine Bank will review your Forgiveness Questionnaire and supporting documents. If additional details, supporting documentation or corrections are needed, you will be notified via the portal. You may access your Forgiveness Questionnaire to make corrections or upload additional documents via the portal.
Once Marine Bank’s PPP team completes the review, you will be notified to approve a forgiveness amount that will be submitted to the SBA through Marine Bank.
Marine Bank is required to submit final forgiveness determination to the SBA within 60 days of receipt from the borrower. 

Who will be helping me through the process of the forgiveness phase?

You should be working through the Forgiveness Questionnaire with your business’s Accounting/CPA support. Marine Bank’s PPP processing team is responsible for auditing/proofing the Forgiveness Questionnaires through the online portal, email, and phone contacts.

Can my CPA/accountant do all my forgiveness application?

Yes, your CPA/accountant may complete your application on your behalf. Your CPA will need your PPP SBA loan number, EIN, or SSN to access your forgiveness portal.

Does any EIDL Advance get deducted from my forgiveness amount?

If a PPP Borrower received an EIDL Advance, SBA is required to reduce the Borrower’s loan forgiveness amount by the amount of the EIDL Advance (Section 1110(e)(6) of the CARES Act). SBA will deduct the amount of the EIDL Advance from the forgiveness amount remitted by SBA to the Lender. 

If a Borrower received an EIDL Advance in excess of or equal to the amount of its PPP loan, the Borrower will not receive any forgiveness on the PPP loan because the amount of the EIDL Advance is deducted from the PPP loan forgiveness amount. In the event the PPP loan is not forgiven in full, the Lender is responsible for notifying the Borrower of the date on which the Borrower’s first loan payment is due. The Lender must continue to service the loan in accordance with SBA Loan Program Requirements. The Borrower must repay the remaining loan balance by the maturity date of the PPP loan (either two or five years). 

I cannot enter my Economic Injury Disaster Loan (EIDL) Advance amount on my questionnaire. How can I fix this?

The EIDL advance amount field can only be entered from the Bank management side of the loans. The PPP processing team can input this at your request.

I am not able to upload all my supporting documents. Why is this?

The portal allows uploads of no more than 35MB – at one time. If uploads above 35MB are needed, you can message the Marine Bank PPP Team through portal, Dropbox-FTP, or attach documents through email to PPPforgiveness@marinebank.bank (Opens in a new Window) (Opens in a new Window).

Who can I contact with PPP questions?

Please contact the Marine Bank PPP Help Desk at: (772)-231-8237 or PPPforgiveness@marinebankandtrust.com (Opens in a new Window) (Opens in a new Window)
Contact Your Congressional Leaders to Support the PPP Forgiveness Bill
Congress has a few days left to act on PPP forgiveness before it breaks until after the election. Your congressional leaders have an opportunity to advance bipartisan legislation to streamline PPP forgiveness for millions of small businesses across America.