To help you get ready for forgiveness, we have prepared this checklist.
The only way to apply for forgiveness for a PPP loan from Wells Fargo is either through Wells Fargo's online forgiveness application, accessible through Wells Fargo Business Online® or the SBA PPP Direct Forgiveness Portal.
Wells Fargo Business Online® users will see the application link in Account Summary after signing on and expanding each eligible PPP loan account. We will also notify you by email when you are eligible to apply.
For an explanation of important forgiveness terms and eligibility requirements, or to check for recent updates, visit the SBA or the Wells Fargo Forgiveness Center & FAQs.
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 have more than one PPP loan, you must first apply for forgiveness on your First Draw PPP Loan before applying for forgiveness on your Second Draw PPP Loan.
- 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.
- For a Second Draw PPP Loan, you must submit information and documentation that demonstrates you have met the Gross Receipts Reduction requirements. If you did not provide this information and documentation when you applied for your Second Draw PPP Loan, you will need to provide such information and documentation as part of your forgiveness application.
- 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.
Tip
- 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.
Once you start your Wells Fargo Business Online® online application:
- Save your application frequently, so you don’t lose the information you have entered.
- If you need to upload documents to support your application, complete and submit your application within 30 days, to avoid having to upload documents again.
- Make sure you receive an onscreen confirmation to confirm each document has been successfully uploaded, if applicable.
- Review your application, verify any documents (if applicable) have been uploaded, and confirm the amount you’re requesting before you submit your application.
The information contained in this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program (PPP), including updates based on the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and guidance issued by the U.S. Small Business Administration (SBA). We will be updating this page with new information as we receive it. Please check back often and consider bookmarking this page. In the event of any discrepancies between the information on this site and the SBA's site, please follow official SBA guidance.