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.


$162,925,486 SBA Forgivable Loans


1,959 Total Funded Loans



75% New Clients



$92 Smallest Loan


SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

According to a press release issued May 15, 2020, 

The Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released today will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.

June 16, 2020 Update
PPP Loan Forgiveness Application Instructions
PPP Loan Forgiveness Application
PPP Loan Forgiveness Application Form EZ Instructions
PPP Loan Forgiveness Application Form EZ

Questions About Loan Forgiveness or Ready to Submit Your Application?

Contact your Vista Loan Officer or your nearest Vista Bank Location

PPP Safe Harbor Guidance - updated as of May 13, 2020

As a reminder, earlier this week, the SBA and Treasury Department announced a ‘safe harbor’ umbrella that will apply to reviews of good-faith certifications concerning the necessity of Paycheck Protection Program loan requests.

In Wednesday’s update to the Treasury’s PPP frequently asked questions page, the agencies said any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.

Based on further clarity from industry experts:

  • Borrowers with loans below this threshold are generally less likely to have access to adequate sources of liquidity, and the safe harbor will promote economic certainty for them.
  • The SBA previously said all PPP loans over $2 million—and other loans as appropriate—will be subject to review.
  • Borrowers with loans greater than $2 million that do not satisfy this safe harbor may still have an adequate basis for making the required good-faith certification.
  • If SBA determines that a borrower lacked an adequate basis for the required certification, it will seek repayment of the outstanding PPP loan balance and will inform the lender that the borrower is not eligible for loan forgiveness.
  • If the borrower repays the loan after receiving notification from SBA, the agency will not pursue administrative enforcement or referrals to other agencies.
  • SBA’s determination on these certifications will not affect its loan guarantees, which remain in place.

In The News

Mark Cuban, Vista Bank Save Small Business Amid COVID-19 Shutdown

NEWSMAX Vista Bank and Cuban

To help Main Street businesses, look to Main Street banks


Protect Yourself 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.

To help make sure the next virus doesn't strike online, our experts recommend everyone refrain from clicking on unsolicited coronavirus related attachments or hyperlinks from unknown/untrusted/unverified email sources, and be especially wary of appeals for help through social media, text messages, or phone calls related to the pandemic.

Vista Bank will NEVER ask for your username, passwords, PINs, or personal account information through unsolicited emails, phone calls, text messages, or pop-up windows. If you receive an unsolicited request for this information please call or visit your local branch or our centralized customer service number at 877.888.4782.

See more fraud news HERE

*All provided information is sourced by official sites and industry expert interpretation, subject to SBA guidelines and caps that are fluid and subject to change. 

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