Round 1 | Round 2
PPP ROUND 2
Summer is upon us, and it's finally time to begin putting PPP in the history books! With the large volume of Paycheck Protection Program loans Bank Midwest issued this year, we expect processing these applications will take all summer.
PPP loans funded by Bank Midwest in 2021 will follow two forgiveness application paths based on the amount of the loan:
1. Forgiveness for loans $150,000 and less
Similar to 2020 loans, SBA Form 3508S will be used to apply for forgiveness for loans disbursed in 2021. Supporting documentation will not be requested (retain for your records).
Watch your email
Bank Midwest will send a primary contact at your business an email with a link to your pre-filled forgiveness application for a digital signature.
- Review all data to ensure that it's correct. If you find an error, contact your lender.
- If the application looks correct, initial twice and sign the document as directed in the ProSign OnlineTM solution.
The system generated email will appear as follows:
Subject: Documents available from Bank Midwest
Our team at Bank Midwest will be notified that your application has been signed and waiting for review. We will submit to SBA and will need to wait for their approval in order to close the loan out, removing it from our records.
2. Loans greater than $150,000
If you received a PPP loan greater than $150,000 funded in 2021, your lender will contact you directly regarding the forgiveness process. Documentation will be requested to support the need for this loan.
We encourage you to talk to your local lender for any questions you may have.
The following resources available from the government will provide more details.
- U.S. Small Business Administration: Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw
- U.S. Small Business Administration: Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns
- U.S. Dept. of Treasury: Paycheck Protection Program – Small Businesses