Your Guide to Community First Bank PPP Loan Forgiveness

DEREK BROWNSON

If you have not applied for forgiveness, this article is for you.

Applying for PPP loan forgiveness with Community First Bank (CFB) is a fairly simple process.

The first step is to send an email to sbappp@community1st.com and let us know that you are ready to receive your forgiveness application link, and our team will send it to the email address provided.

TIPS

  • Your application link is valid for 72 hours, so you will want to sign into your portal even if you intend to complete the application at a later time.
  • Make sure you are using Google Chrome, the preferred browser, as it works the best with the portal.

If your loan is under $150,000, you will be directed to Form 3508S, which does not require you to include any payroll documentation prior to submission. Once submitted, our team at Community First Bank will review the application. If all looks correct, it will be sent to you via DocuSign for your electronic signature. Once our team has received your signed application, it will be sent to the SBA for approval.

If your loan is over $150,000, you will need to answer three questions to determine whether you will need to complete the 3508EZ form or the standard 3508 form. Regardless of the form you complete, you will need to attach payroll documentation, including any 941s for your covered period. If you are including payroll in July, for example, you will need your third quarter 941. If you are using any other items to count toward your forgiveness, you will also need to attach invoices and proof of payment (cancelled checks or copies of bank statements). Once you have submitted the application and accompanying documents, our PPP team will review them and follow up with any questions that may arise. Once the review process has been completed, the application will be sent to you via DocuSign for your electronic signature. When your signed application has been received, it will be sent to the SBA for approval.

If you have any questions throughout the process, please email sbapp@community1st.com and our team of PPP experts will be happy to assist you.

Derek Brownson

Commercial and Agricultural Business Banker, Community First Bank

NMLS ID #1232607