Pre-Submission PPP Loan
Forgiveness Checklist
The PPP (Paycheck Protection Program) is a loan program designed to provide relief to businesses
impacted by COVID-19. The SBA will forgive loans if the funds are used in a particular time frame and
for certain expenses, including payroll, rent, mortgage interest, or utilities. The PPP Flexibility Act
recently signed into law makes it easier for businesses to qualify for forgiveness.
At Valley, we understand how important forgiveness is to you and your business. That’s why we
created the following checklist that will help prepare you for the forgiveness application process. Here is
how you can prepare for forgiveness right now:
1. Pre-register for Valley’s Forgiveness Portal.
You must be pre-registered to submit the application and the required documentation. If you
received your PPP funds through Valley, you will be receiving, if you haven’t already, an email with a
link to pre-register for the forgiveness application. Within the pre-registration portal, you can also
assign another individual to assist you with application.
3. Determine which Forgiveness Application you will be submitting. To see if you qualify to use the
3508 EZ application, review the 3508 EZ Checklist here.
4. Download the sample 3508 EZ application and review the instructions.
Download the sample 3508 application and review the instructions.
5.
Complete a “draft” of the Forgiveness Application and start to collect the documentation that you
will be required to keep for your records and to upload in Valley’s portal.
Remember, Valley will not accept any applications that are not submitted in our portal.
We’re here for you
If you have questions or concerns about this process, please contact your personal banker directly.
Again, thank you for your continued trust and confidence in Valley.
2.
Review Valley’s “Everything You Need to Know” list on our PPP Forgiveness Page.
6.
To assist with your application, we've developed a Loan Forgiveness Calculation Workbook to help you
calculate inputs required for your application. You can access the Workbook here.
