On May 4th, the SBA has announced that all funds for the Paycheck Protection Program (PPP) have been exhausted and therefore, we have closed our portal for new PPP loan applications.

The FirstBank PPP Forgiveness Portal is open for all 2020 and 2021 Loans!

The FirstBank PPP Forgiveness Portal remains open.

Before submitting your application for forgiveness for your Small Business Administration (SBA) Paycheck Protection Program (PPP) loan, we recommend that you read the following information below in its entirety. FirstBank is providing this information to outline the steps and process to apply for PPP loan forgiveness. This information should not be construed as tax or legal advice. You should consult with your CPA, tax advisor, financial advisor or attorney for tax and legal guidance related to your specific circumstances.

Visit the Application Portal to start the Forgiveness Process.

Tax/Accounting Advice

The Internal Revenue Service (IRS) released Revenue Ruling 2021-02 on January 6, 2021 which provides favorable updates to tax treatment for businesses who have obtained PPP loans.

In addition to speaking with your professional advisors and reviewing IRS resources regarding these matters, the US Chamber of Commerce has a site which provides a summary of the specific benefits of the most recent legislation.

FirstBank Forgiveness Process

We will be using an online portal for the forgiveness application process, similar to what was used for the First Draw and Second Draw loan applications. Borrowers will receive an email with instructions on how to log into the portal or you can click here to access the forgiveness portal. In preparation for submitting a forgiveness application we ask that borrowers complete Steps 1-3, as described below, so that you are prepared to apply when logging into the portal. Emailed instructions will be sent to the same individual who received final loan documents to sign when applying for the loan.

Due to changes made during the loan application process some borrowers will be required to establish a new username and password. If this is applicable to you, you received instructions for the creation of the login credentials when FirstBank invited PPP borrowers to apply for Second Draw loan in January 2021. Login credentials are not the same as efirstbank.com login credentials. If you are unsure of your login information, please contact SBAPPPCustomerservice@efirstbank.com for assistance.

The SBA released updated guidance related to loan forgiveness on January 6th, 2021 for borrowers with loan amounts of $150,000 and below.  These changes will simplify the method in which the forgiveness amount is calculated, will increase your forgiveness amount in certain situations, and for many of our customers, will eliminate the requirement to provide documentation to the bank as part of the application for loan forgiveness.  We are working with the SBA to integrate these changes into our online portal. 

In preparing to apply for PPP loan forgiveness, we encourage you to review the information below in its entirety before applying for forgiveness.

Step 1 – Determine the Appropriate SBA Application Form

There are three methods of determining the amount of loan forgiveness that you are eligible for:

  1. Application Form 3508S for loan amounts of $150,000 or less. This form eliminated the more detailed calculations required for larger loans.
  2. Simplified calculation Form 3508EZ. This form is for loans over $150,000 but retains simplified calculations for borrowers that meet certain criteria.
  3. Traditional Form 3508

To determine which application form is appropriate for your business please review FirstBank’s loan forgiveness application guidelines.

Step 2 – Determine Forgivable Expenses and Gather all Supporting Documentation

To begin calculating the forgiveness amount you are eligible for, you should first gather all supporting documentation for costs which will be included in your forgiveness amount calculation. Details regarding what is considered appropriate supporting documentation, based on your business type, can be found by clicking the following links for Form 3508EZ and for Form 3508.

Except for borrowers submitting the Form 3508S, you will be required to provide the supporting documentation for the expenses included in your calculated forgiveness amount as part of the application process. 

Additionally, for some borrowers, there will be documentation that must be gathered to calculate the forgiveness amount which will not be submitted with your application unless requested at a later time. Regardless of whether the documentation is required to be submitted, current SBA guidance states that all supporting documentation, whether submitted with the application or not, must be maintained for up six (6) years (depending on the forgiveness application type) after the loan is forgiven or repaid in full, and must be made available to the SBA and its representatives upon request. Please discuss this with your CPA, tax advisor, financial advisor or attorney.

Step 3 – Complete Forgiveness Amount Calculations

The SBA has provided additional guidance for calculating the forgiveness amounts in their instruction documents for forms 3508S3508EZ and 3508, and in their Loan Forgiveness FAQ. These documents should be used in tandem with the application forms when calculating the forgiveness amount. 

FirstBank has also provided general guidelines for Form 3508 calculations which assist with the appropriate order of operations in completing the more complex form. 

Given the complexity and variability of situations across different business types, we highly recommend borrowers consult with their CPA, tax advisor, financial advisor or attorney to determine the appropriate amounts. 

Step 4 – Apply Through FirstBank Forgiveness Portal

Please note: you must wait at least 8 weeks to apply for Forgiveness for your 2021 PPP loan, and all funds received should be exhausted on eligible expenses prior to applying for Forgiveness.

Once you have completed the appropriate forgiveness application form you will be ready to enter the information into FirstBank’s portal. 

Due to changes made during the loan application process some borrowers will be required to establish a new username and password. If this is applicable to you, you received instructions for the creation of the login credentials when FirstBank invited PPP borrowers to apply for Second Draw loan in January 2021. Login credentials are not the same as efirstbank.com login credentials. If you are unsure of your login information, please contact SBAPPPCustomerservice@efirstbank.com for assistance.

When entering figures into the portal you will be asked to make decisions related to any potential unforgiven amount of your loan. Unforgiven amounts must be repaid by the borrower. FirstBank is requiring that these payments be made through monthly automatic account deductions from a FirstBank deposit account. You should have the account number available for the account that should be debited for the payments.

For loans originated prior to June 5, 2020, the original promissory note defines that this residual balance will be repaid over the remaining term of the two year loan. Pursuant to the terms of the Paycheck Protection Program Flexibility Act, the remaining balance on the loan may be amortized over a five year term if both the borrower and the lender agree to this modification. FirstBank will allow the loan term to be extended to five years if the unforgiven loan balance is greater than $5,000.

After entering all figures into the portal you will be required to upload all supporting documentation previously described. It is critical that all required documentation is uploaded at the time you apply.

To ensure documentation successfully uploads to the portal please ensure that all supporting documentation files:

  • Do not exceed 25MB
  • Do not contain any special characters (@, %, *, #, etc.)
  • Are uploaded one document at a time
  • Only one file per placeholder is uploaded

Visit the Loan Forgiveness Application Portal

If FirstBank must request any missing documentation from you after an initial review of your application it will restart the timeline for receiving a decision on your forgiveness application.

Step 5 – Verify Your Forgiveness Application Has Been Received

Once you have submitted your forgiveness application, the status chevron on the right hand side of your dashboard page will show “Forgiveness Review”. Please refer to this in the future to see the progress of your application.

Step 6 – Electronically Sign Application Form and Residual Balances

After FirstBank has reviewed your application for loan forgiveness, and has determined the appropriate documentation has been received, you will be asked to electronically sign the application form. This will be done by following the instructions contained within an email received from DocuSign, similar to how the initial loan application and loan documents were signed. 

In addition to signing the forgiveness application, you will be asked to sign an automatic payment authorization and a loan term modification if applicable to your loan.

Once the signed documentation has been received, FirstBank will submit the information to the SBA for its final review. We anticipate it will take up to 150 days from the time you apply before the forgiveness decision will be finalized and the payment will be received from the SBA. 

Payment Deferral

Payments will continue to be deferred until any of the following three events occur:

  1. Forgiveness payment is received
  2. It is determined through the application process that you are not eligible for forgiveness
  3. Ten (10) months have passed since the end of your loan’s covered period (at the borrowers election for a period not to exceed 24 weeks

FirstBank is assuming all borrowers will use a 24 week covered period for determining when payments would begin on a loan if a forgiveness application has not been received.

If there is a balance remaining after the forgiveness payment has been applied to your loan, your monthly payment will be determined based on the remaining balance, plus any accrued interest, being amortized over the remaining term of your loan. In determining the date upon which a loan of a borrower who has not applied for forgiveness will begin amortizing all loans will be considered to have a 24-week covered period, unless the borrower applies for forgiveness sooner than that date and indicates a shorter covered period on their application.

Loan Funding DatePayment Deferral End Date
(24 Week Covered Period)
Loan Funding Date Payment Deferral End Date
(24 Week Covered Period)

Contact Information

For any additional questions or assistance please contact us by emailing SBAPPPCustomerService@efirstbank.comor calling us at 1-833-940-2562 or 720-974-8654

This page may contain links to external websites. These links are displayed for your convenience. FirstBank does not manage these sites and assumes no responsibility for the content, links, privacy policy, or security policy.