PPP (Paycheck Protection Program) Loan Forgiveness Information

May 5, 2021 UPDATE: PPP funds have been exhausted and loan applications are no longer being accepted.

PPP Loan Forgiveness

You have up to 10 months from the end of your covered period to submit your forgiveness application to meet the SBA’s deadline. The bank has 60 days to review your forgiveness application and submit it to the SBA, and the SBA has 90 days to review the request. We encourage you to review the application forms and instructions and submit your application for forgiveness when you’re sure you’ve met the requirements.

Forgiveness Application: Loans $150,000 or Less

You may use Form 3508S (below) to apply for forgiveness of your Paycheck Protection Program (PPP) loan if the total PPP loan amount you received from your Lender was $150,000 or less.

HOW THIS FORM IS DIFFERENT THAN THE OTHER TWO FORMS: This form (SBA Form 3508S) requires fewer calculations and less documentation for eligible borrowers. Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages. SBA Form 3508S also does not require borrowers to show the calculations used to determine their loan forgiveness amount. However, SBA may request information and documents to review those calculations as part of its loan review process.  See the full instructions below for complete details.

PPP Loan Forgiveness Application and Instructions – $150k or Less Form (7-30-21)

Forgiveness Application: EZ Form

To use the EZ form the business needs to meet the following requirements:

  • Self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number of hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives from the CDC, OSHA, HHS, State, or local agencies related to COVID-19 (ie: required to close as a non-essential business), AND did not reduce the salaries or wages of their employees by more than 25%.

PPP Loan Forgiveness Application and Instructions- EZ Form (7-30-21)  

Forgiveness Application: Standard Form

If your business does not meet the criteria listed above you will likely need to fill out the standard form below.

PPP Loan Forgiveness Application and Instructions – Standard Form (7-30-21)

PPP Loan Forgiveness FAQs 

These FAQs were released by the SBA on Aug. 4, 2020. The document includes sections addressing general questions on loan forgiveness, questions related to the forgiveness of payroll and nonpayroll costs, and questions on forgiveness reductions.


We have developed several options for both personal and business clients who have been economically affected by the coronavirus outbreak. Some of these options include special loan arrangements, waiving fees, skip-a-pay arrangements, and extending credit lines. But, we’ll customize the solution to your situation. If you are experiencing financial challenges due to this situation, please reach out to your lender or personal banker. You can also text or call our Customer Care Department at 573-642-3322 or go here to send them a message.

Our Commitment To You

We take our position as a community bank seriously, and that means helping our clients and neighbors through challenges like this. Over our 163 years as a mid-Missouri bank, we have experienced many tough times. We’re here for challenges and moments like this.