PPP Loan Applications

As of May 5, 2021

The SBA announced that the Paycheck Protection Program funding has been exhausted and has stopped accepting applications from most lenders.

Washington Trust in no longer accepting or processing Paycheck Protection Applications. If you have a pending application, we will notify you by email regarding the status of your loan.

PPP Loan Forgiveness

Eligible borrowers of loans of $150,000 and under will be able to submit a single, one-page form 3508S, which includes an attestation that they followed the forgiveness rules. Washington Trust sent the simplified 3508S online application link to eligible First Draw borrowers, who received their loan in 2020, on Thursday, March 11. We are awaiting guidance from the SBA before sending out links for 2021 First and Second Draw PPP loans.

The SBA added new categories of expenses that will be covered. While businesses will still be required to allocate 60 percent of their loan proceeds to payroll costs, the remaining 40 percent can now go to a wider array of expenses. The Cares Act originally only covered rent, mortgage interest, and some utilities. Those categories of covered expenses include:

Business operations -- anything from human resources expenses like payroll processing fees or benefits administration fees to accounting software expenses.

Property damage costs -- expenses related to protests or vandalism resulting from public unrest.

Certain supplier costs -- any supplier goods needed to run your company are eligible, as long as the contract or purchase order was in force prior to receiving the loan. Certain perishable goods may also be eligible, as long as they're deemed essential to the business.

Safety expenditures -- any cost associated with meeting public health guidelines, for example plexiglass shielding, sanitation stations, or providing mask and gloves.

Frequently Asked Questions About Loan Forgiveness

When can I apply for forgiveness?

Washington Trust will send you an email with a secure link to our online PPP forgiveness portal. Until you receive the email and link from Washington Trust, we recommend you do not complete the PDF application on the SBA's website, nor should you respond to any other requests to apply for forgiveness, as they could be fraudulent. As your PPP lender, Washington Trust is the only one that can process your forgiveness application.

You have 10 months from the last day of your covered period to apply.

When do I have to make a PPP loan payment?

Your PPP loan payment will not be due until after you apply for Forgiveness. Once you apply for Forgiveness and your application is accepted by the SBA, we will inform you when the SBA renders a decision. If all, or a portion of the loan is not forgiven, we will inform you of when your first PPP loan payment is due.

If you don’t apply for loan forgiveness within 10 months after the last day of the covered period, then your PPP loan would no longer be considered “deferred” and you would be required to begin paying principal and interest on the PPP loan. We value our relationship with you and want to ensure that the PPP forgiveness process is as easy and convenient as possible.

How will the forgiveness application process work?

Our email link will take you to a secure online portal that will walk you through the process and make it clear what documentation is required.

  • After you have submitted your application via this portal, we will work with you to ensure it is complete.
  • Once your application is complete, we will finalize our review and transmit the application to the SBA.

Please note that SBA rules allow us 60 days, from the receipt of a completed application, to transmit it to the SBA. The SBA then has 90 days to complete its processing. While these are the formal “not to exceed” timelines, we will seek to handle applications more expeditiously, as will the SBA. However, this is a wholly unique process so it is best to assume it will take some time to navigate through it.

What documents do I need to prepare for the forgiveness application?

Below are links to the required documents needed to apply for forgiveness. Documents that are required to be submitted with your application must be uploaded to the forgiveness application portal before you can submit your application. There are documents that are required for applying, AND a list of documents that should be retained after your application has been submitted.

The SBA set the proportion of PPP funding that must be used on payroll cost to qualify for full forgiveness at 60%. This means to qualify for full loan forgiveness, you must use at least 60% of your loan funds for eligible payroll costs. You can use up to 40% of your loan funds for eligible non–payroll costs. To prepare for loan forgiveness, it’s important to track and retain all documentation to support payments made with your PPP loan funds.