Paycheck Protection Program (PPP) Updates

Latest Update, 5/5/21: 
As the PPP Loan Forgiveness Process continues to evolve, we will update information here. This page is organized in the following manner: Information on Forgiveness Application Process, Round 3 PPP Applications (now closed) and Additional COVID-19 Related Resources. 


FORGIVENESS APPLICATIONS

Enterprise Bank has set up a secure website portal to allow our customers to fill out their PPP Loan Forgiveness Application online, and the portal will also enable you to share the required documents supporting your payroll and non-payroll expenses which qualify for forgiveness. At this point, all Enterprise Bank Customer should have received their invitation to begin the forgiveness process.

Before you begin, please carefully read the document titled “Strategies for Success” to ensure you can receive the maximum forgiveness for which you are entitled. You should also gather the supporting documents necessary to process the forgiveness application. All PPP Loan Forgiveness Applications must be submitted through the online portal. Our portal will walk you through each of the steps necessary to complete your PPP Loan Forgiveness Application. There are “Help” buttons throughout the portal to guide you through the application.

You may designate an authorized representative to fill out the PPP Loan Forgiveness Application on your behalf, by logging in to the portal and entering the name and address of that authorized representative in the designated spaces on the first page of the application form, and then click on the "Save and Exit" button. A link to the portal will then automatically be emailed to your authorized representative.

In order to submit your PPP Loan Forgiveness Application, please go to our PPP Loan Forgiveness Application Portal using this link: https://loanforgiveness.enterprisebanking.com/forgiveness/getting-started and enter your SBA loan number in the space provided on the Portal home page. Once you enter your SBA loan number, you will be prompted to enter a one-time verification code which will be emailed to you. That 6-digit verification code can be used for 5 minutes. When you receive it please enter the verification code to access your PPP Loan Forgiveness Application.

The portal is best viewed using one of the following internet browsers: Chrome 60 or greater, Firefox 55 or greater, Microsoft Edge (Chromium Based). Also Supported - Internet Explorer 11 and Microsoft Edge Legacy. The Safari browser is not recommended. Once you complete your application and submit it, along with the required supporting expense documents, we will review the information you have provided and submit it to the SBA on your behalf. Given the complexity of some of the qualifying expense calculations, we strongly urge you to coordinate this process with your CPA or professional financial staff.

For any questions regarding your PPP Loan Forgiveness Application, please contact your Enterprise Banker.

We truly value your relationship and look forward to helping you.

Strategies for Success 

Before you begin your application for loan forgiveness, view tips for a successful submission and items needed to submit your forgiveness application. Click here.

Forgiveness Application Instructions
Download and print the 3508 Application Instructions. Click here.
Download and print the 3508EZ Application Instructions. Click here
Download and print the 3508S Application Instructions. Click here.
Download and print the 3508D Form (Borrower’s Disclosure of Certain Controllng Interests)Click here.


ROUND 3 LOAN APPLICATIONS - CLOSED

Enterprise Bank has been notified that round 3 of PPP funding is NOW CLOSED AS ALL AVAILABLE FUNDS HAVE BEEN COMMITTED. 

  • Review information and important highlights of Round 3 Paycheck Protection Program funding passed under the Consolidated Appropriations Act. Click here.
  • Download and print an important checklist about the Round 3 application. Click here.
  • Please note: All PPP Loan Forgiveness Applications must be submitted through our online portal, manually completed applications cannot be accepted.
  • At the present time we are limiting applications to those existing clients who had maintained a banking relationship with Enterprise Bank as of January 11, 2021.

The night of Sunday, December 27, 2020, a new COVID-19 Relief Act was signed into law with the Consolidated Appropriations Act. As part of the Act, the new legislation allocates funding for a new, third round of PPP loans and simplifies the forgiveness of existing PPP loans of $150,000 or less.

Major areas of focus of the new Act are as follows:

  • The Inclusion of $284.5 Billion in New (Round 3) PPP Funding to the SBA
  • Provisions for Qualified First-Time PPP Borrowers and for Second Draw PPP Borrowers
  • Expanded Eligibility for Borrowers in Round 3 of PPP Funding
  • Simplified, Streamlined Forgiveness for PPP Loans of $150,000 or Less (This Includes current, outstanding PPP Loans Not Yet Forgiven)*
  • Clarification of Tax Deductibility of PPP Expenses

* All Customers with PPP loans of $150,000 or less will receive a separate email from us. The information is also available below.

Additional Resources

The Economic Aid Act signed into law on December 27, 2020, authorized additional debt relief payments to SBA 7(a), SBA Express Loans and SBA 504 loan borrowers beyond the 6-month period prescribed in the CARES Act.

For information about the SBA Debt Relief Program which may assist with payments on your existing SBA Loan(s), please Click here to learn more.

For general resources relating to COVID-19 visit our resource page by Clicking Here.

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