a professional business woman works on the PPP Loan forgiveness application

PPP Loan Forgiveness

Online Application is Open.

Broadway Bank has created an online portal that will allow you to complete the loan forgiveness application and upload required documentation. You should have received an email from us with instructions on how to utilize our online application. Please keep this email as it has a unique link for accessing the online portal. If you have not received this email from Broadway@broadway.bank, please check your junk email inbox or you can call us at (210) 785-7227.

Additional Loan Forgiveness Information

Broadway Bank has 60 days from the submission date of your completed loan forgiveness application to review and validate your loan forgiveness request. After submission of the validated forgiveness amount to the SBA, the SBA has 90 days to finalize your loan forgiveness and remit the proceeds to the lender.

If you (PPP Borrower) have experienced or plan to conduct, a change of ownership (sale of business or majority of business assets), please contact us as soon as possible so we can ensure SBA guidance is followed for such transactions.

We strongly recommend you visit the available U.S. Treasury and SBA resources for up-to-date information. The links below are provided for easy access to those resources.

If you have any questions on this process, please contact one of our loan forgiveness specialists at (210) 785-7227. We also encourage you to continue checking our PPP Loan Forgiveness website for updates.

<center>Acceptable Documentation to Validate Eligible Forgiveness Amount</center>

  • Third party payroll reports
  • Internal payroll reports along with evidence of payments
    • Internal payroll reports should show gross pay, tax deductions, any applicable health and/or retirement deductions, and net pay
    • Evidence of payment includes bank statements, canceled check copies, ACH receipts
  • Quarterly tax forms
    • 941’s
    • Reconciliation must also be included to evidence overlap of borrower’s covered period
  • *Additionally, for owner compensation, Schedule C filers must provide a copy of their 2019 Schedule C (or estimated 2020 Schedule C for businesses not in operation in 2019)
  • Third party payroll reports
  • Invoices from provider and evidence of payment
  • Reconciliation of employer and employee contributions to plan benefit
  • Utility bills during the covered period along with evidence of payment
  • Utility bills showing service as of February 15, 2020
  • Copy of lease showing effectiveness prior to February 15, 2020
  • Evidence of rent payments (ACH or canceled checks)
*For rent payments paid to related real estate holding companies, the amount of rent eligible for forgiveness is limited to the interest paid by the related real estate holding company on any debt secured by the building being leased. Furthermore, if the borrower occupies only PART of the building, the qualified amount should be reduced by the portion of the building that the borrower occupies (ex. 50% occupied, 50% of interest is qualified as a forgiveness expense). Additional documentation for related party lessors includes:
  • Copy of loan documents and/or amortization schedule showing interest obligation incurred and paid during borrower’s covered period.
  • Evidence of payment of debt obligation
  • Amortization schedule or monthly invoice detailing interest expense paid
  • Copy of loan documents dated prior to February 2020 showing collateral
  • Evidence of loan payment (canceled checks, bank statements, ACH receipts)
The documentation to support the above may include canceled checks, payment receipts, transcripts of accounts, purchase orders, orders, invoices, or other documents verifying payments on non-payroll costs.
The documentation to support the above may include canceled checks, payment receipts, transcripts of accounts, purchase orders, orders, invoices, or other documents verifying payments on non-payroll costs.
The documentation to support the above may include canceled checks, payment receipts, transcripts of accounts, purchase orders, orders, invoices, or other documents verifying payments on non-payroll costs.
The documentation to support the above may include canceled checks, payment receipts, transcripts of accounts, purchase orders, orders, invoices, or other documents verifying payments on non-payroll costs.
How long do I have to submit my paperwork?
  • You have 10 months from the end of the “covered period” to submit a complete forgiveness package to us. However, it is most advantageous for you to do it as soon as possible so you do not become liable for hefty loan payments.
When will I see my loan paid off after the loan forgiveness application is approved?
  • The bank has 60 days to review your forgiveness application and submit the decision to SBA. If SBA chooses not to review your file, they will remit the forgiveness amount plus accrued interest within 90 days. Timing is subject to change if SBA reviews your file.
Will someone notify me when my loan is submitted to the SBA?
  • Yes, you will be notified of the forgiveness amount or if there are any discrepancies with your forgiveness submission.
What is my SBA loan number referenced on the forgiveness application?
  • The SBA loan number and the bank loan number are one in the same.
What is my EIDL number?
  • The EIDL number will be on the loan documents that were signed by you, the borrower, and the SBA.
How do I know which form to use?
  • Our online platform will walk you through the correct application based on your answers to 3 specific questions.

Contact Us

a business professional contacts his Broadway Bank Business Banking team

If you have any questions on the SBA PPP process, please contact one of our PPP specialists at (210) 785-7227. We also encourage you to continue checking our Paycheck Protection Program website for updates.

Contact Us

Important Information:
All credit decisions are subject to approval. For SBA loan products, SBA eligibility is also required.

Login

Broadway Bank Free Checking

Open an account today.

Learn More

Small Business Loans

We're a SBA Preferred Lender

Learn More

Commercial Banking

Universal expertise. Local decisions.

Learn More

Broadway Wealth Management

Protect and grow your legacy.

Learn More

Revolving Lines of Credit

Purchase new equipment using cash

Learn More