Wells Fargo PPP (Paycheck Protection Program) & Steps to Apply

Wells Fargo started PPP loan forgiveness in March. Wells Fargo is an international bank and financial services holding company based in San Francisco; it is one of the largest banks in the world by assets.

Wells Fargo PPP

As stated earlier, Wells Fargo started PPP loan forgiveness in March and you might be interested in knowing the processes, things needed to begin the application processes, and how to apply, then you are at the right spot because this article will tell you everything you need to know.

How to Prepare

Note that If you received your PPP loan through Wells Fargo, you’ll need to submit your forgiveness request through them  as well. Once the Wells Fargo PPP loan forgiveness online application becomes available, you’ll see a link in Wells Fargo Business Online®, or the Commercial Electronic Office® (CEO®). They will also notify you by email. 

Before you start your online application:

  • Determine the form you plan to use. You’ll either use Form 3508S, Form 3508EZ, or Form 3508, depending on your circumstances.
    • Form 3508S. Consider using this form if your loan is $150,000 or less. This simple form requires you to provide less information and the processing time may also be shorter than other forms.
    • Form 3508EZ. Consider using this form if you are not eligible for Form 3508S, and you meet one of the two eligibility conditions
    • Form 3508. Consider using this form if you do not meet the eligibility conditions for either of the other forms.
  • Select your covered period. You can choose a covered period of any length between 8-weeks (56 days) and 24-weeks (168 days) beginning on the date you received the loan proceeds.
  • Spend your PPP funds on eligible costs and gather the recommended supporting documents to support your application. Any documents you plan to submit must clearly show the dates of the eligible costs you incurred, and the dates fall within the covered period selected. 
  • If you are using Form 3508 or Form 3508EZ, make sure any documents you upload to support your forgiveness application are not encrypted or password protected; are in an acceptable format (PDF, PNG, JPEG, TIFF, not Excel/XLS); and are 50 MB or less. Uploads may contain up to 25 files and must not exceed the total upload limit of 50 MB.
  • Obtain all relevant payroll information including the number and dates of any FTE reductions and if and when they were restored, as well as any salary reductions. 
  • Compensation is one of the more complicated parts of the forgiveness application. Review the maximum allowable forgiveness amounts for compensation, they are different for owners-employees and employees. Make sure you don’t exceed the stated limits and clearly indicate the names of all owners-employees on the payroll report, to reduce need for further questions by our reviewers.  
  • For nonpayroll costs, if you are using Form 3508 or Form 3508EZ, you will need to submit statements, invoices and supporting documentation that relate to the covered expenses, including mortgage interest, rent, lease payments, utilities, covered operations expenditures, property damage costs, supplier costs and worker protection expenditures. Even if you are not required to submit any documents, you must retain all documents for the required periods and provide them upon request.

Step 2: Apply online

You have time to apply

You have until the maturity date of the loan to apply for loan forgiveness. However, there are things you may want to consider before deciding when to apply:

Wells Fargo PPP
  • To get full forgiveness, make sure you have used all your PPP funds for eligible costs. You have up to 24 weeks to do so.
  • When you submit a loan forgiveness application and the SBA notifies Wells Fargo of the loan forgiveness amount, or that the loan is not eligible for forgiveness, your payment deferral period will end. At that point, loan payments on any amount not forgiven, including any interest, will become due and you will need to start making monthly payments, if applicable. 
  • If you have repaid your loan in full before submitting a loan forgiveness application, you will not be eligible for forgiveness.

Please do not attempt to submit a loan forgiveness application downloaded from the SBA site.

Prepare for the application process

There’s a Loan Forgiveness Preparation Checklist to help you prepare. When you are ready to apply, follow the steps in the online PPP loan forgiveness application. 

  • If you are required to submit documentation to support your forgiveness application, make sure you have all of your recommended supporting documents ready to upload online. Even if you are not required to submit any documents, you must retain all documents for the required periods and provide them upon request. 
  • Save your online application frequently, so you don’t lose the information you have entered.
  • Review your loan forgiveness application, verify documents have been uploaded (if applicable), and confirm the amount you’re requesting before you submit 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 numbers will be automatically pre-filled for you in the loan forgiveness application. You will not need to have them ahead of time to be able to apply for forgiveness.

Step 3: Receive confirmation

You will receive an email confirmation once you submit your loan forgiveness application. A dedicated associate 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 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 any loan forgiveness amount from the SBA, or if the SBA determines that the loan is not eligible for forgiveness.
  • You may appeal the SBA’s decision within 30 days.
  • If your loan is not completely forgiven, you’ll receive a statement from Wells Fargo with the amount and date of your first payment for the unforgiven portion. Your PPP loan will operate just like a traditional term loan with monthly payments to Wells Fargo.

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Paycheck Protection Program (PPP) Loan Forgiveness Frequently Asked Questions

Is PPP loan forgiveness automatic? If not, when do I request loan forgiveness and submit a loan forgiveness application?

No, PPP loan forgiveness is not automatic. You will need to apply for forgiveness through the lender who issued your PPP loan. 

You have time — there is no immediate need to apply for PPP loan forgiveness, you have until the maturity date of your loan to submit an application. However, If you submit your loan forgiveness application within 10 months of the end of the covered period, you will not have to make any payments of principal or interest on your loan before the date on which the SBA makes a final decision on the loan forgiveness amount. 

Be prepared to provide documentation for all your eligible expenses when you complete your application.

How do I apply for PPP loan forgiveness?

You must apply for PPP loan forgiveness through your PPP lender.

If you received a PPP loan through Wells Fargo, please do not attempt to submit a PPP loan forgiveness application form downloaded from the SBA site. All forgiveness applications for Wells Fargo PPP loans must be submitted using the Wells Fargo PPP loan forgiveness online application, accessible through Wells Fargo Business Online®, or the Commercial Electronic Office® (CEO®). You will be notified once the online application becomes available.

You have until the maturity date of the loan to apply for loan forgiveness. However, there are things you may want to consider before deciding when to apply:

Wells Fargo PPP
  • To get full forgiveness, make sure you have used all your PPP funds for eligible costs. You have up to 24 weeks to do so.
  • When you submit a loan forgiveness application and the SBA notifies Wells Fargo of the loan forgiveness amount, or that the loan is not eligible for forgiveness, your payment deferral period will end. At that point, loan payments on any amount not forgiven, including any interest, will become due and you will need to start making monthly payments, if applicable. 
  • If you have repaid your loan in full before submitting a loan forgiveness application, you will not be eligible for forgiveness. Partial repayment may also affect forgiveness.

The Wells Fargo PPP loan forgiveness online application includes additional details on the information and documents required for loan forgiveness and will help guide you through the forgiveness application process. Some of the information, including your Wells Fargo and SBA loan numbers, will be pre-filled within your online application. They  have created a Loan Forgiveness Preparation Checklist to help you prepare. You’ll want to have all of your recommended supporting documents ready to upload online when you apply.

You can also view the latest version of the PPP loan forgiveness application, including on the SBA site.

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