Paycheck Protection Program
Sonabank will start accepting applications for PPP loan forgiveness over the coming weeks.
You will receive an e-mail from [email protected], with subject line: Apply now for PPP loan forgiveness. This e-mail will contain the portal link to your PPP loan forgiveness application and will be sent to the e-mail address used when you applied for your loan. Please check your junk/spam mailbox as well.
To access the portal you will need the name of the business (please type exactly as written in the salutation of the e-mail), as well as the EIN number (no dashes). You will then be sent a verification code to login. Upon logging in, you'll see that many of the fields have already been populated with information from your loan approval.
Documents That Will Be Required
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: i. Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and ii. 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 (PPP Schedule A, lines (6) and (7)).
Nonpayroll: Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period.
- 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.
If you have any questions or encounter difficulties in accessing the portal, please reach out to our team via e-mail at [email protected].
Please note that due to the volume of PPP loans, Sonabank is unable to accept forgiveness applications that are not submitted through the portal. Hard copy applications will not be accepted or processed.
It is our sincere hope that Congress, the Treasury and SBA will streamline the forgiveness of PPP loans under $150,000 to just a certification form. In order to not place an unnecessary burden on businesses in this category, Sonabank will begin processing the forgiveness of larger PPP loans first, while we await further guidance from Washington.