We are now accepting PPP Loan Forgiveness Applications for 1st Draw PPP loans.
Please take a few moments to review the Frequently Asked Questions below. The information will help you determine which application you need to complete as well as additional guidance to expedite your application process.
1.) Can I apply for Round 1 and Round 2 Forgiveness at the same time?
No. At this time, we are ONLY accepting forgiveness applications for Round 1 First Draw PPP Loans.
2.) What information will I need to fill out the application?
- Name of the Borrowing Company
- Tax Identification Number / Employer Identification Number
- Business Address
- Business Telephone Number
- Business 6 digit NAICS Code
- Business Primary Contact Person
- Business Primary Contact Person Email Address
- PPP Loan Amount
- PPP Disbursement Date
- SBA PPP Loan Number & Metairie Bank PPP Loan Number – This is the same number.
- Number of Employees at the time of the PPP Loan Application
- Number of Employees at the time of application for PPP Forgiveness
- Dates of your Covered Period
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.) Where do I find the SBA PPP loan number or any other information required to fill out the application?
The SBA PPP loan number is the same number as your Metairie Bank loan number. The majority of the information noted above can be found on your original PPP application as well as your Promissory Note.
If you cannot locate your paper work, please contact your banker or call Customer Service at 504-834-6330 and we will happily assist you.
6.) Can I apply for forgiveness and a Round 2 Second Draw PPP loan at the same time?
If you plan to apply for a 2nd Draw PPP loan, it is recommended you complete that process prior to applying for your Round 1 Forgiveness.
7.) Can I fill out the application and electronically sign it?
No. Please save the completed forgiveness application to your computer. Print and sign the document. (You will want to retain the original for your records.)
8.) Is it possible to get a copy of my Round 1 First Draw PPP Application?
Yes. If you cannot locate your paper work, please contact your banker or call Customer Service at 504-834-6330 and we will happily assist you.
9.) 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.
B.) If your PPP loan amount is more than $150,000 and you can answer yes to one of the following question (found on page 1 of 3508EZ Instructions) you qualify to use the 3508EZ.
C.) If you do not meet the prerequisites mentioned above, you will be required to use form 3508.
If you have determined you are required to complete a 3508, please email firstname.lastname@example.org
10.) 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) you ARE NOT required to submit supporting documentation.
IF you qualify to use the 3508EZ or the 3508, you ARE required to submit supporting documents with your forgiveness application.
11.) Where can I find detailed instructions on how to complete my forgiveness application and what supporting documents are required when submitting a PPP loan forgiveness request?
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.
- Form 3508S Instructions
- No documents are to be submitted to the bank with the forgiveness application. Page 4 details the documents required to be retained by the borrower.
- Form 3508EZ Instructions
- Page 4 details the documents required to be submitted to the bank along with your forgiveness application.
- Form 3508 Instructions
- Page 7 details the documents required to be submitted to the bank along with your forgiveness application.
12.) How do I submit my application?
Once you have completed PPP forgiveness application and all required supporting documentation MUST BE UPLOADED at one time through our secure portal link below.
IMPORTANT: Please upload the application separate from the supporting documents at www.metairiebank.com/upload-forgiveness-documents/
13.) 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, the application will be forwarded to the MBT SBA Team where the application will be submitted to the SBA within 48 to 72 hours.
The SBA will ultimately have final approval of your forgiveness application. We will submit the application(s) on your behalf to the SBA after our initial confirmation of the information. The SBA has up to 90 days to complete its review, render a decision and issue forgiveness.
14.) 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.
15.) Will I get any of my paperwork back?
Yes, once SBA has rendered its decision, Metairie Bank will mail your Promissory Note within 7-10 days.
We thank you for allowing Metairie Bank to assist you in these challenging times and hope this information was helpful. Should you have additional questions, please do not hesitate to contact your banker directly or call at 504-834-6330 and we will happily assist you.