Notice for borrowers with PPP Loans of $150,000 or less:The SBA has developed a simpler Forgiveness Form for borrowers who received a PPP of $150,000 or less, and who, together with their affiliates, didn’t receive PPP loans totaling $2 million or more. If you meet both criteria, you will use the SBA Form 3508S.
The simplified forgiveness of loans $150,000 or less includes a signed certification providing:
- A description of the number of employees retained due to the PPP loan
- The amount of PPP loan spent on payroll and requested amount of forgiveness
- Borrower attestation that borrower has complied with all requirements in the Paycheck Protection Program rules and guidance
- Borrower attestation that information is accurate, and the applicant will retain records to prove compliance
PPP Loan Forgiveness
Please note, all applications for forgiveness of your Paycheck Protection Program loan with Clackamas must be submitted using our online application. Clackamas will not accept paper applications.
A borrower can apply for forgiveness once it has used all loan proceeds for which the borrower is requesting forgiveness. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and borrowers will begin making loan payments on their PPP loan.
We recommend that you review the program details through the SBA and the treasury department for the latest forgiveness guidance and instructions. In addition, we suggest you consult with your accountant, legal, or financial advisor to help you in determining when it is best to apply for forgiveness. Keep in mind that it is your obligation as the borrower to understand the requirements in place as provided by the Small Business Administration.
We are processing applications using the guidance currently in place as provided by the Small Business Administration. We will continue to monitor and incorporate all guidance from the Small Business Administration as it is available.
To request a link to the online forgiveness application for your Paycheck Protection Program loan with Clackamas, you can click the blue button below.
Please reach out to our Business Services team if you have any questions regarding your forgiveness application.
Things to know
What we are doing
As the novel coronavirus (COVID-19) has an increased impact in Clackamas County and throughout the nation, we are here to support you and keep your business running.
Our Board of Directors and Management Team are ready to ensure our service to you is uninterrupted and remains at the highest level possible. Our teams are closely monitoring information from local, state, and federal health officials to ensure that we are acting consistently with recommendations and guidelines from those agencies.
Ensuring our employees have the information they need to stay healthy and that they stay home if they are not feeling well. If wait times increase slightly as we strive to ensure everyone’s health, we apologize for the inconvenience and appreciate your patience.
Mobile deposit limit changes
To help facilitate remote banking for business members we have increased the daily limit for mobile deposits through our mobile app to $10,000. If you need a daily limit greater than $10,000 please click here to fill our contact form with your request. Please note our regular check hold times still apply and deposits will be processed according to the normal schedule.
To get started with mobile deposit, visit the Apple App Store or Google Play Store to download the Clackamas app on your mobile device. Login using your existing Digital Banking credentials, or register for credentials by tapping “Not Registered” and following the steps. Once you have registered and created your credentials you are ready to login! We should also mention, you will use the same username and password when logging in to Digital Banking using a computer.
With mobile deposit, you’ll be able to deposit a check on your schedule and from anywhere! Simply click on “Mobile Deposit” in the menu options and follow the directions. Don’t forget to endorse each check with your signature and write “For Mobile Deposit Only at Clackamas” on the back.