PPP Loan Forgiveness | Metairie Bank

We are now accepting PPP Loan Forgiveness Applications.

Please take a few moments to review the Frequently Asked Questions below. The information will provide guidance to expedite your process within the Metairie Bank Virtual Application Platform.

1.) I have not applied for Round 1 Forgiveness; can I apply for both Round 1 and Round 2 at the same time?

Yes, the Interim Final Rule does allow for borrowers to apply for Round 1 and Round 2 Forgiveness at the same time.

You can also apply for Round 2 Forgiveness if you have submitted but are still awaiting approval for your Round 1 Forgiveness request.

HOWEVER, to be eligible for Round 2 Forgiveness, you must meet the required covered period guidelines, attest to complete use all of the funds and provide documentation showing a 25% Gross Revenue Reduction from comparable quarters.

2.) What information will I need to fill out the application?

Name of the Borrowing Company
Tax Identification Number / Employer Identification Number
Authorized Representative Email Address
Authorized Representative Social Security Number
Number of Employees at the time of application for PPP Forgiveness
Dates of your Covered Period (the beginning date will pre-fill into the digital form)

3.) What is a Covered Period?

The Covered Period begins on the date the loan was originally disbursed. It ends on a date selected by the Borrower that is at least 8 weeks following the date of loan disbursement and not more than 24 weeks after the date of loan disbursement.

For example, if the Borrower received their PPP loan proceeds on Monday, April 20, 2020, the first day of the Covered Period is Monday, April 20, 2020, and the final day of the Covered Period is any date selected by the Borrower between Sunday, June 14, 2020, and Sunday, October 4, 2020.

4.) How much of my PPP loan can be used on NONPAYROLL expenses?

Eligible nonpayroll costs cannot exceed 40% of the total forgiveness amount. An eligible nonpayroll cost must be either paid during the Covered Period or incurred during the Covered Period and paid on or before the next regular billing date, even if the billing date is after the Covered Period. Count nonpayroll costs that were both paid and incurred only once.

5.) Can I fill out a paper application, sign it and send it to my banking officer?

No. The application portal will pre-fill much of the PPP loan information and provide for a more streamlined process.

6.) How do I know what application to use?

A.) If your PPP loan amount is $150,000 or less, and the total of all of your affiliate PPP loans (if applicable) is less than $2 million, you qualify to use the 3508S. The portal will automatically choose this application for all loans of $150,000 or less.

B.) If your PPP loan amount is more than $150,000 you will be prompted to answer the following questions. If you answer YES, you qualify to use the 3508EZ.

The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483).

The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period (as defined below) compared to the period between January 1, 2020 and March 31, 2020 (for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000); ANDThe Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period. (Ignore reductions that arose from an inability to rehire individuals who were employees on February 15, 2020 if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020. Also ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused. See 85 FR 33004, 33007 (June 1, 2020) for more details.

The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period (as defined below) compared to the period between January 1, 2020 and March 31, 2020 (for the purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000); ANDThe Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to the COVID-19.

7.) Do I need to provide additional documents with my application?

IF you qualify to use the 3508S form (if your loan is $150,000 or less) and this is a Round 1 Forgiveness application you ARE NOT required to submit any supporting documentation at this time.

IF you are applying for Round 2 Forgiveness, you ARE required to submit documentation supporting a 25% Gross Revenue Reduction in comparable quarters.

IF you qualify to use the 3508EZ or the 3508, you ARE required to submit supporting documents with your forgiveness application (see below).

Each PPP loan forgiveness application has accompanying instructions to assist with the completion of the document. Each respective instructions document includes a listing of the required supporting documentation for both eligible payroll and eligible non-payroll expenses.

Please visit the Resources and Helpful Links section on the Metairie Bank website in Payroll Protection Program.

8.) What is the timeline for approval?

Once you submit your forgiveness application to Metairie Bank, your banking officer will review your application. Following their review and approval, you will receive an email with the DocuSign application. To access the DocuSign documents. You will need to know the following information.

Name of the Borrowing Company
Tax Identification Number / Employer Identification Number
Authorized Representative Email Address
Access Code (last 4 digits of your SS#)

You will then need to initial and sign (via DocuSign) in the areas prompted. Once completed you will submit the document where it will be automatically sent to the SBA.

The SBA will ultimately have final approval of your forgiveness application. They have up to 90 days to complete its review, render a decision and issue forgiveness.

9.) How will I know if my application is approved?

We will contact you via email to inform you of the SBA’s decision. The email will also include additional information inclusive of any action steps to be completed by you.

10.) How do I begin the application process?

Click here to visit the Metairie Bank Forgiveness Online Portal