Did you know that Wells Fargo PPP started since March? If you are you interested in knowing the processes involved, this post has got you covered. Guess what? there is still time to apply! See the details!
Overview of Wells Fargo
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.
As stated earlier, Wells Fargo started PPP loan forgiveness in March and you might be interested in knowing the application processes, and all other relevant details. Read down!
How to Prepare for Wells Fargo PPP
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.
Step 1: 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.
- 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.
- 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.
- 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.
- Review the maximum allowable forgiveness amounts for compensation since they are different for owners-employees and employees.
- 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.
Step 2: Apply Online
Since you still have until the maturity date of the loan to apply for loan forgiveness, You’re not late. However, there are things you may want to consider before deciding when to apply:
- 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.
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Step 3: 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 4: 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.
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.
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You can also view the latest version of the PPP loan forgiveness application online. We hope this post was helpful. Share with your friends and loved ones too. Good luck!