Thank you for looking to Bank of Utah to process and service your Paycheck Protection Program (PPP) loan. We are pleased to be able to assist you and our community during this difficult time. We will be frequently updating this page, as information becomes available.
Answers to many questions about PPP forgiveness can be found below. If you need additional assistance with your forgiveness application, you can reach out to our PPP team by email at ppp-forgiveness@bankofutah.com or call 801-409-5010.
New PPP Loans
On May 4, 2021, the SBA exhausted their funds for PPP loans and closed the portal for new loan applications.
PPP Loan Forgiveness Applications
To apply for forgiveness for your PPP loan, you will need to submit one of the PPP loan forgiveness applications listed below, depending on your loan amount and circumstances. The SBA has updated these forgiveness applications several times over the past year. The most current versions of the forgiveness applications are listed here:
PPP Loan Forgiveness Application Form 3508S (Revised 7/30/21) - For all loans less than $150,000. No supporting documentation is required to be submitted to Bank of Utah with this application. However, the borrower is required to maintain all supporting documentation for this loan in the event that the SBA decides to review the loan.
PPP Loan Forgiveness Application Form 3508EZ (Revised 7/30/21) – For loans over $150,000 where the borrower did not reduce the number of employees (except for cause or voluntary termination by the employee) or any employee wages. Supporting documentation will need to be submitted with this loan forgiveness application (see Required Documentation below).
PPP Loan Forgiveness Application Form 3508 (Revised 7/3021) – For all loans over $150,000 where the borrower reduced their employee numbers or employee wages. Required Documentation (see below) will be required for Form 3508 as well as documents required for completing the Schedule A Worksheet on Page 4 of the 3508 application.
Simplified Required Documentation List
(For complete list, please refer to the instructions within the application.)
- Payroll Summary report showing the cumulative earnings for each employee paid during the Covered Period.
- All quarterly payroll tax filings that were completed and filed during the Covered Period, including Form 941, State Unemployment and State Withholding returns.
- Proof of payment for all payroll costs that did not clear from a Bank of Utah account.
- Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the Payroll Costs amount.
- Copy of lender amortization schedule and receipts or cancelled checks verifying eligible mortgage payments made during the Covered Period if included on application.
- Copy of current lease agreement and receipts or cancelled checks verifying eligible rent payments made during the Covered Period if included on application.
- Copy of utility invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments if included on application.
- Invoices and proof of payment for any other Covered Costs included on your forgiveness application.
Frequently Asked Questions
When can I apply for PPP loan forgiveness?
After a minimum of 8 weeks following the disbursement of your PPP loan, you may apply for forgiveness after you have spent all of the loan proceeds. Applications must be submitted no later than 10 months after the last day of the Covered Period to avoid having to make payments on your PPP loan.What is the process for applying for PPP loan forgiveness?
Please contact us when you are ready to apply for forgiveness. Bank of Utah will send you a secure DocuSign loan forgiveness application if you are using Form 3508S or Form 3508EZ. Due to its complexity, we do not have a DocuSign version of Form 3508. Please use the form and instruction sheet links above to prepare the information you will be submitting. In addition to completing the application, you will need to provide the required supporting documents to Bank of Utah. When your completed application and supporting documents have been reviewed and approved by our PPP Loan Forgiveness Team, your application will be submitted to the SBA.What is the timeline for review?
Once your application has been submitted to Bank of Utah, the bank will have 60 days to review and submit the application to the SBA. Full loan forgiveness is not guaranteed and is subject to review by the bank and the SBA. After the SBA receives the submitted application, they will then have at least 90 days to conduct a review. They can either approve the forgiveness, ask for more information, or approve a portion of the loan for forgiveness. If the SBA does not approve all or part of the loan for forgiveness, borrowers will have up to five years from the date of disbursement to repay the loan at 1% interest.What is my SBA PPP Loan Number?
The SBA PPP Loan Number and the Lender PPP Loan Number are the same. This number will be provided to you on the DocuSign version of the forgiveness application.When will my loan be forgiven by the SBA?
The SBA has at least 90 days to review your PPP loan forgiveness application. The length of time between submission and notice of forgiveness/review from the SBA can vary widely. We will notify you within five business days when we receive notice of forgiveness or a request for a review of your loan from the SBA. The SBA does not give progress updates once the application has been submitted.
We have an experienced PPP Forgiveness Team ready and willing to answer any questions you may have regarding the forgiveness process. You can contact them by email at ppp-forgiveness@bankofutah.com or call 801-409-5010. They can help with general application questions. For other questions, we recommend that you consult with your tax advisor, legal counsel, or a bookkeeping service to assist your business if necessary.
Common Missteps
Missing or Incorrect Documentation: Be sure to review the list of Required Documentation. Failure to include these supporting documents or submitting incorrect information may result in an adjustment to your loan forgiveness amount.
Incorrect Covered Period Dates: The Covered Period start date must be the same date as the disbursement date. You may contact the PPP Forgiveness Team if you have any questions regarding your disbursement date or Covered Period dates.
Miscalculation of Payroll Costs: Payroll Costs must be based on gross pay, not net pay. Medicare and Social Security taxes paid by the borrower cannot be included in determining Payroll Costs. Additionally, gross wages paid during the covered period cannot exceed a prorated amount of $100,000.00 for any employee. Wages in excess of $100,000.00, on a prorated basis, must be reduced from the Payroll Costs amount. The maximum gross wages for owner employees (with an ownership stake of 5% or more) varies. Please refer to the Owner Compensation section of the instructions for further guidance.
As your local community bank, Bank of Utah has been committed to supporting our customers, communities and employees for more than 67 years. We’re here to do all we can to help those adversely impacted by the pandemic.
Where can I get more information?
Please refer to the Small Business Administration IFR Dated 1/19/2021 for more information.