Bank of Cleveland is the largest issuer of Payroll Protection Program funds in Bradley County. As of 7/19/2020, Bank of Cleveland approved 205 loans totaling $19.9 million, savings an estimated 3,018 jobs.
Forgiveness
The PPP loan forgiveness process is now open for loans funded in April 2020.
PPP applications for loans funded May-June 2020 will be accepted beginning November 15. This staggered method is being used to provide ample time to work with each customer to achieve complete and accurate applications, with the goal of increasing forgiveness potentials.
There are three PPP forgiveness applications with instructions available. Choose the application that best fits your situation.
On the application of your choice, you will choose either 8 or *24 weeks covered period. *If it took 12 weeks to exhaust your loan funds, your covered period will still be 24 weeks.
Forgiveness Applications
Form 3508S – This form is for applicants with a loan amount of $50,000 or less. Documentation
for funds spent is required, but the certifications and calculations requirements have been modified and lessened for these loans.
for funds spent is required, but the certifications and calculations requirements have been modified and lessened for these loans.
Form 3508EZ – This form is use by most people that have not reduced the number of employees or wages during the covered period.
If you can answer the certifications, you can use this form regardless of loan amount.
Documentation is required, along with the calculations and breakdown of the use of funds shown on the form.
If you can answer the certifications, you can use this form regardless of loan amount.
Documentation is required, along with the calculations and breakdown of the use of funds shown on the form.
Form 3508 – This form is used by all other borrowers that will not fit into the requirements for the previous shorter versions
of PPP loan forgiveness applications. Full documentation is required to process this request, including calculations
used to arrive at the numbers you are submitting for forgiveness.
of PPP loan forgiveness applications. Full documentation is required to process this request, including calculations
used to arrive at the numbers you are submitting for forgiveness.
Forgiveness Period
If your loan was made on or after June 5, 2020:
Your loan forgiveness period is 24 weeks after your loan was disbursed or December 31, 2020, whichever of the two is earlier.
If your loan was made before June 5, 2020:
You may choose between an 8-week or 24-week loan forgiveness period. If you do not give us notice of your preference, your loan forgiveness period will be 24 weeks after loan disbursement or December 31, 2020, whichever is earlier.
Your loan forgiveness period is 24 weeks after your loan was disbursed or December 31, 2020, whichever of the two is earlier.
If your loan was made before June 5, 2020:
You may choose between an 8-week or 24-week loan forgiveness period. If you do not give us notice of your preference, your loan forgiveness period will be 24 weeks after loan disbursement or December 31, 2020, whichever is earlier.
Eligible Uses
What are eligible uses of PPP loan funds and how do I document payment for forgiveness?
Only the following uses of loan funds are eligible for forgiveness:
Payroll—salary, wage, vacation, parental, family, medical, or sick leave, health benefits;
Include documents verifying eligible cash compensation and non-cash benefits consisting of the following:
Payroll reports or account statements documenting the cash compensation paid to employees;
Payroll tax filings (typically IRS Form 941);
Income, payroll, and unemployment insurance filings to your State; and
Include documents verifying eligible cash compensation and non-cash benefits consisting of the following:
Payroll reports or account statements documenting the cash compensation paid to employees;
Payroll tax filings (typically IRS Form 941);
Income, payroll, and unemployment insurance filings to your State; and
Receipts, cancelled checks, or statements for any employer contributions to employee health insurance and retirement plans that you included
Business Mortgage Interest—as long as the mortgage was signed before February 15, 2020;
Include amortization schedule or history of the loan that was paid
Business Rent —as long as the agreement was in effect before February 15, 2020;
Include copies of cleared checks and lease agreement in effect
Business Utilities—as long as service began before February 15, 2020.
Include copies of the invoice paid, showing the address of service and corresponding cleared check
Include copies of the invoice paid, showing the address of service and corresponding cleared check
Include a copy of the February bill or invoice, in addition to items paid during the covered period
The decision to publish PPP borrower and loan information is a result of actions from Congress and the SBA and Treasury, which oversee, administer and are responsible for the program’s implementation, terms, and conditions. Bank of Cleveland has not and will not release this information and is not calling for its publication. For loans of $150,000 or more, the data released includes business names, addresses, NAICS codes, ZIP codes, business type, demographic data, non-profit information, jobs supported, lender name, and dollar ranges for loan amounts. Dollar amounts are being disclosed in ranges of $150,000-$350,000, $350,000-$1 million, $1 million-$2 million, $2 million-$5 million, and $5 million-$10 million. Loans of $150,000 and up account for nearly three-quarters of the dollar volume of PPP loans. For loans below $150,000, the agencies will not release business names but will report loan totals, aggregated by ZIP code, by industry, by business type, and by various demographic categories. The agencies have noted that PPP borrower applications disclose that this information could become public.