Small Business Administration (SBA) Paycheck Protection Program(PPP) Funds Exhausted

The Paycheck Protection Program (PPP) funding has been exhausted and the application portal was closed as of May 4, 2021, therefore we are no longer able to accept or process PPP loan applications.   

PPP Forgiveness Process

As a PPP Loan Borrower, you must apply for loan forgiveness from the SBA or repay your PPP loan. To be eligible for forgiveness you must have used the PPP loan proceeds for covered expenses. Covered expenses include eligible payroll costs, rent, mortgage interest, and utilities paid or incurred during your covered period. Other covered expenses include purchase of personal protective equipment (PPE) or modifications required to premises directly related to COVID-19. This may sound like a daunting task, but with a little bit of preparation and organization, the process is relatively straightforward.

 Borrowers should apply for forgiveness at the end of their 8-24 week covered period to avoid repayment. Repayment begins 10 months after the end of the covered period.

PPP Loan Amount is $150,000 or Less

Important Tips for Completing the Application:

  • The SBA Loan Number differs from your Shore United Bank loan number. Your SBA PPP Loan Number can be found under the third paragraph on page 1 of your Promissory Note.
  • The NAICS code can be found on your tax return. You may also search here by entering the keyword for your business description in the 2017 NAICS Search.
  • Pay close attention to the Borrower Responsibilities section of the Instructions on Page 3 as it relates to loans between $50,000 - $150,000 and required documentation for Safe Harbors and Revenue Reduction.
  • Handwritten signature and initials of the authorized signer(s) are required. Typed or signature fonts electronic signatures are not sufficient for the PPP Forgiveness application.

Email your completed application to us at using the subject line "PPP Forgiveness Application-*Your Business Name*".  If you prefer, you may also take your completed application to the nearest branch office.  

PPP Loan Amount is Greater Than $150,000

Determine the appropriate application form and instructions applicable to your loan.

Begin by reviewing Checklist for Using SBA Form 358EZ found on page 5 of the SBA Form 3508EZ . To use SBA Form 3508EZ you must qualify by meeting one of three sets of criteria described in the Checklist. If you qualify for the SBA Form 3508EZ continue with these instructions and use this application instructions. If you do not qualify for the 3508EZ application proceed with SBA Form 3508 application and instructions.

Gather all required supporting documentation.

Each application requires submission of specific documentation supporting your payroll and non-payroll covered expenses. Use the Documents that Each Borrower Must Submit with its PPP Loan Forgiveness Application section of your respective instructions as a checklist to ensure complete submission. In addition, you may be prompted to provide your IRS 941 forms for each quarter of the applicable year.
If you have employees and use a Third-Party Payroll provider, request a CARES Act Forgiveness payroll report which may eliminate certain documentation requirements and contain most information needed to populate data corresponding to Form 3508 Schedule A and Schedule A Worksheets.
Consult your accountant or other advisors for support as needed.

Submit your application.

Email us at  when you are ready to apply for forgiveness and we will send you specific instructions including a link to our secure online portal where you will complete the application and upload all required documents.

What to expect after your application has been submitted to the bank.

Once Shore United Bank receives your complete application, we will review and submit a recommended decision to the SBA within 60 days. The SBA will then complete a secondary review and issue a final decision within 90 days of receiving our recommendation. Overall, it may take up to 150 days to receive a final decision regarding your approved forgiveness amount.

We may request additional information if errors are identified or if the application does not correspond with the supporting documentation submitted. We will notify you via email to remedy such issues. If missing or incomplete information cannot be remedied, the forgiveness request may be partially approved or denied.

We will provide the final disposition of your forgiveness request in writing when the decision process is complete.

Please be advised that the SBA may conduct an audit of your PPP Loan and Forgiveness files at any time in their discretion up to six (6) years after the loan is forgiven or paid in full. If necessary, we will notify you and outline any required information to satisfy the SBA’s review requirements. If the SBA chooses to audit your forgiveness application while under our review, a decision regarding your application cannot be finalized until the SBA audit is complete.


To read the full instructions and to access Forms 3508S, 3508EZ and 3508 issued by the US Treasury and SBA please click any of the following links:
SBA Form 3508S
SBA Form 3508EZ
SBA Form 3508

To access all posted forms, rules and tools posted by the US Treasury and SBA please go to: Paycheck Protection Program | U.S. Department of the Treasury