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Your Guide to Community First Bank PPP Loan Forgiveness

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.applying for a PPP Loan Forgiveness Community First Bank | HFG Trust

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

LEGAL INFORMATION & DISCLOSURES

This memorandum expresses the views of the author as of the date indicated and such views are subject to change without notice. Community First Bank, HFG Trust, and HFG Advisors have no duty or obligation to update the information contained herein. Further, Community First Bank, HFG Trust, and HFG Advisors make no representation, and it should not be assumed that past investment performance is an indication of future results. Moreover, wherever there is potential profit there is possibility of loss. This memorandum is being made available for educational purposes only and should not be used for any other purpose. The information contained herein does not constitute and should not be construed as an offering of advisory services, banking services, or an offer to sell or solicit and securities or related financial instruments in any jurisdiction. Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third-party sources. Community First Bank, HFG Trust, and HFG Advisors believes that the sources from which such information has been obtained are reliable; however, it cannot guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. This memorandum, included the information contained herein, may not be copied, reproduced, republished, or posted in any form without the prior written consent of Community First Bank and/or HFG Trust and/or HFG Advisors. HFG Advisors, Inc, is a wholly owned subsidiary of HFG Trust, LLC. HFG Trust, LLC is a Washington state-registered Trust company and wholly owned subsidiary of Community First Bank.