The Paycheck Protection Program (PPP)
The Paycheck Protection Program, part of the CARES stimulus package, is a federal loan program aimed at helping small businesses who have been impacted by COVID-19.
On December 27, 2020, the new Covid Relief Package was signed into law. Among other things, this legislation contains provisions for additional funding under the Paycheck Protection Program, including a provision which allows businesses that had previously received a PPP loan (and meet specific eligibility requirements) to take out a second PPP loan.
Kitsap Bank will be participating in this program, and is accepting applications now.
How Can I Apply for This New Round of PPP?
- All Kitsap Bank clients who previously obtained a PPP loan through Kitsap Bank have been emailed a link to the PPP application portal. Forgiveness for your first PPP loan is not required for eligibility.
- If you are a Kitsap Bank business client who did not apply for PPP Loan, please contact your local Kitsap Banker to indicate your interest.
- Not open at this time to non-clients. If interested, contact your local banker.
PPP Loan Forgiveness
New Forgiveness Applications
The SBA has updated Forms 3508, 3508EZ, and 3508S, and began accepting application on these forms on March 5, 2021.
Please follow this link to our portal to submit a new application.
Previous Forgiveness Applications
If you have previously submitted an application for forgiveness, you may continue to edit and complete an existing application. We have saved your information with the Kitsap Bank’s online portal. Any previously submitted information has been retained, but your forgiveness application requires updates in accordance with the SBA’s new forms.
To finalize your forgiveness application, please follow these instructions:
- Login to our PPP portal
- Select your current forgiveness application
- Click the blue “back” button in the bottom left-hand corner of the document upload page
- Review and complete all required fields, including updating the Industry NAICS code
- Resubmit your updated application by hitting, “Submit for Review”
Which form should you use?
- If your loan is less than $150,000, please use the 3508S form, which allows you to submit your application without any supporting documentation
- If your loan is $150,000 or more, you may use the 3508EZ if the business did not reduce employee levels, wages or hours
- If your loan is less than $150,000, please use the 3508S form, which allows you to submit your application without any supporting documentation. The 3508S form provides an opportunity to upload supporting documents, but this is not required.
- Otherwise, please use the standard form 3508
The SBA has issued forms and instructions for the Forgiveness Application, which are provided through the PPP Loan Forgiveness website.