The Umpqua Bank PPP Loan Portal is open to accept forgiveness applications for first and second draw loans.
Umpqua Bank is not participating in the SBA Direct Forgiveness program hosted on SBA.gov. PPP borrowers can apply for forgiveness at the Umpqua Bank PPP Loan Portal linked at the button below.
The SBA recently announced a simpler PPP forgiveness process for loans $150,000 or less. To ensure a smooth forgiveness application process for all of our borrowers, we have upgraded the Umpqua Bank PPP Loan Portal to accommodate the new forgiveness rules.
Please note: For borrowers with a Second Draw PPP loan, each PPP loan must receive a separate loan forgiveness application. Borrowers must submit a forgiveness application for a First Draw loan before or simultaneously with their forgiveness application for a Second Draw PPP loan. Currently, the SBA requires that loans elapse a minimum eight-week covered period following loan disbursement before borrowers may apply for forgiveness.
As a reminder, a delay in applying for loan forgiveness should not negatively impact you. Borrowers may apply for forgiveness any time during the life of the PPP loan. All SBA PPP loans not yet through forgiveness remain in deferral status. Loan payments may be deferred for 10 months after the end of the covered period (8 to 24 weeks from the disbursement date of the loan) OR until we are notified by the SBA of its decision on forgiveness of your loan, whichever occurs first.
The U.S. Small Business Administration (“SBA”) and Department of the Treasury have released a Standard Forgiveness Application, an EZ Forgiveness Application, and a Simplified Forgiveness Application. Umpqua borrowers can choose from each of these form options in the PPP Loan portal and do not need to download a PDF or print a paper application. All borrowers may elect to use the long-form standard Forgiveness Application (3508).
The EZ Forgiveness Application (3508EZ) is designed to provide a more borrower-friendly process in applying for forgiveness. Borrowers eligible to use the EZ application include those with loans greater than $150,000 that:
The Simplified Forgiveness Application (3508S) is designed for PPP borrowers with loans originated at $150,000 or less. It allows borrowers to complete an attestation-based forgiveness application without additional supporting documentation, unless requested by the SBA or lender. In most cases, no documentation is required. In the event supporting documentation is required with Form 3508S, an Umpqua Bank associate will contact you.
The SBA has established that at least 60% of the loan amount that is forgiven must be used for “payroll costs” in order to be eligible for forgiveness. That allows for 40% to be used for rent, utilities, and mortgage interest, as long as these expenses and obligations existed before February 15, 2020. Borrowers have flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan. To help you better understand the 60% requirement, we’ve provided examples at the bottom of this page we believe might make this easier to understand.
We have created some great resources for you to help navigate the PPP loan forgiveness process. Click here to view our webinars covering some of the most common topics related to PPP forgiveness. You can also learn more below.