Did you know that the Wells Fargo PPP started in March? If you are interested to know the process involved. Well, this post is for you. Guess what? There’s still time to apply! See details!
Overview of Wells Fargo
Wells Fargo is an international bank and financial services company based in San Francisco. It is one of the largest banks in the world by assets.
As previously stated, Wells Fargo began PPP loan forgiveness in March. And you might be interested to know the process, things needed to start the application process. and how to apply Then you are at the right place because this article will tell you everything you need to know
How to prepare for the Wells Fargo PPP
Keep in mind that if you received a PPP loan through Wells Fargo, you will also need to submit your forgiveness application through them.
When the Wells Fargo PPP Loan Forgiveness online application is available, you will see a link in your Wells Fargo Business Online® or Commercial Electronic Office® (CEO®). They will also notify you via email.
Step 1: Before you start your online application
- Determine the form you plan to use. You will use Form 3508S, Form 3508EZ, or Form 3508, depending on your situation.
- Choose your coverage period You can choose any cover period between 8 weeks (56 days) and 24 weeks (168 days) starting from the day you receive your loan.
- Apply your PPP funds to eligible expenses and collect recommended supporting documents to support your application.
- If you are using Form 3508 or Form 3508EZ, make sure that any documents that you upload to support your forgiveness application is not encrypted or password protected.
- Get all relevant payroll information This includes the amount and date of any FTE reductions and if and when any such tax returns were received. as well as any salary reduction
- Check the maximum allowable compensation amount. This is because it will be different for owner-employees and employees.
- For non-salary expenses If you use Form 3508 or Form 3508EZ, you will need to submit statements, invoices, and documentation related to covered expenses.
Step 2: Apply online
Because you still have until your loan’s due date to apply, you’re not late. However, there are a number of things you may want to consider before deciding when to apply:
- To receive complete forgiveness Make sure you have used up all of your PPP funds for eligible expenses. You have up to 24 weeks to do this.
- When you submit your loan forgiveness application and the SBA notifies Wells Fargo of the loan forgiveness amount. or the loan is not eligible for forgiveness. Your payment deferral period ends, at which point any loan amount is repaid. that is not forgiven including any interest payment is due And you’ll need to start making monthly payments, if any.
- If you have repaid the loan in full before applying for loan forgiveness. You will not be eligible for a pardon.
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Step 3: Prepare for the application process
A loan forgiveness preparation checklist is available to help you prepare. When you’re ready to apply Follow the steps in the online PPP loan forgiveness application.
- If you need to submit supporting documents to apply for forgiveness Make sure you have all recommended supporting documents ready to upload online. Although you do not need to submit any documents. You must retain all documents for the specified period and provide them upon request.
- Save your online application often. So that you don’t lose the information you entered.
- Review your loan application Make sure to upload your documents (if applicable) and confirm the amount you are requesting before submitting your application.
NOTE: You must apply for PPP loan forgiveness through your PPP lender.
If you received a PPP loan through Wells Fargo, your loan number will be automatically pre-populated on the loan forgiveness application. You don’t need these things in advance to be able to ask for forgiveness.
Step 4: Get Verified
You will receive a confirmation email when you submit your loan application.
A dedicated employee or relationship manager will review your application and work with you to ensure everything is complete and processed as quickly as possible.
- Once your application is complete, Wells Fargo has 60 days to review your application. Including various documents and submit your loan forgiveness application to the SBA.
- After Wells Fargo submits your loan forgiveness application to the SBA, you will receive an email confirmation. The SBA has up to 90 days to review the application.
- Wells Fargo will notify you within five business days of receiving the loan forgiveness amount from the SBA or if the SBA determines that the loan is not eligible for forgiveness.
- You can appeal the SBA’s decision within 30 days.
- If your loan is not fully forgiven You will receive a statement from Wells Fargo with the amount and date of the first payment for the portion that was not forgiven. Your PPP loan will operate like a regular term loan with monthly payments to Wells Fargo.
Wells Fargo’s PPP Loan Forgiveness Online Application has additional details on the information and documents required for loan forgiveness. and will help guide you through the process of applying for forgiveness.
some information Including your Wells Fargo and SBA loan number will be pre-populated on your online application.
They have created a loan forgiveness checklist to help you prepare. You will need to have all recommended supporting documents ready to upload online when you apply.
You can also view the latest version of the PPP loan forgiveness application online. We hope this post is helpful. Share with your friends and loved ones too. Good luck!