PPP Loan Forgiveness

On May 15th, the U.S. Treasury Department and Small Business Administration provided guidance and a loan forgiveness application for small businesses participating in the Paycheck Protection Program.


$167,606,302 SBA Forgivable Loans


2,063 Total Funded Loans



75% New Clients



$92 Smallest Loan


At Vista Bank, we understand loan forgiveness for your recent Paycheck Protection Program (PPP) loan is a top priority for your business. 

If you received your PPP loan from Vista, you will need to process your forgiveness application through us as well. 


The SBA has released the general forgiveness application and related instructions, which can be found here. If your loan amount was $50,000 or less, please reference SBA Form 3508S, which requires fewer calculations and less documentation for eligible borrowers [just released tonight]. Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages.

Vista will be updating its online forgiveness portal to provide for the certification forgiveness process detailed on SBA Form 3508S for loans of $50,000 or less and will let you know just as soon as that functionality is available.

If your loan was originated before June 5, 2020, you have the option of selecting either an 8-week or 24-week period after funding of your loan during which to use the PPP loan proceeds to cover payroll and certain allowable non-payroll expenses. This time period is referred to as the covered forgiveness period (but in no event will the covered forgiveness period end later than December 31, 2020). You can choose between the 8-week or 24-week covered forgiveness period at the time you complete your forgiveness application. We would suggest electing to use the shorter period only if you spent all of the loan funds in the 8-week period and you are able to submit a forgiveness application within 10 months after the end of that period. 

If your loan was originated on or after June 5, 2020, your covered forgiveness period will end on the earlier of 24 weeks after funding of your loan or December 31, 2020.

Regardless of when your loan was originated, you have 10 months from the end of your covered forgiveness period to apply for forgiveness without having to make any payments on your PPP loan (but in no event will the 10-month deferral period end later than October 31, 2021).

If you do not submit a loan forgiveness application before the end of the 10-month deferment period, you will be required to promptly begin making principal and interest payments. Please note that these changes may not be reflected in your promissory note if your loan was originated before these changes took effect.

If you have any questions, don’t hesitate to contact your Vista banker or call your nearest Vista location.

The SBA updated the program’s Frequently Asked Questions 10/7/20.

As you process your PPP loan forgiveness, please note that you and your business may also qualify for the Main Street Lending Program. One of the few Texas banks participating, we at Vista Bank are helping Texas entrepreneurs that qualify participate in that loan program during the window where funding is allotted. Visit our Main Street Lending Program web resource page and advise if you have further questions or we can assist.

Our 108-year-old bank has seen business owners through the Dust Bowl, two World Wars, September 11th and the Great Recession. This generation of Vista bankers is equally committed to seeing today's entrepreneurs through this challenging time, helping small business put America back to work.

Thank you again for giving us the opportunity to not only earn your trust but also you continued business. Please let us know how we can better serve you through these challenging times

Protect Yourself and Your Business From Fraud:

Times like this bring out the very best in people. Unfortunately they also bring out bad individuals, looking to take advantage of others. With emotional and digital vulnerabilities, fraud and hacking is on the rise.

Specifically, bad players are targeting COVID-19 relief programs and recipients. 

Please take cybersecurity threats seriously by reading and earmarking our Fraud Resource Center as well as other resources at your disposal. 

The information contained in this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program, including guidance issued by the U.S. Small Business Administration (SBA). We will periodically update this information, so please check back often. You may even want to consider bookmarking this page until the process is complete.

In the event of any discrepancies between the information on this site and the SBA’s site, please follow official SBA guidance.

I can’t tell you how much I appreciate all your hard work and what you have done for my employees. You guys have been so great to work with.  I will never forget what you all have done for us.

- John