SBA Paycheck Protection Program
Attention Borrowers: Kish Bank is very proud to have provided over 840 Paycheck Protection Program loans to small businesses during this very difficult time. We are equally committed to working closely with each of our borrowers to process their forgiveness applications.
We are currently accepting forgiveness applications through our Kish Bank Forgiveness Portal (instructions below), and processing them through the SBA. The SBA has begun their review and is issuing forgiveness funds to pay down loans.
The SBA also recently simplified the forgiveness process for all loans under $50,000. This new application is called Form 3508S (S being for simple). We know this may be confusing as they are also still using Form 3508EZ (EZ being for easy), and the original Form 3508 full application. Please refer to the following for clarification:
- The new Form 3508S is only used for loans under $50,000*.
- The Form 3508EZ should be used for loans over $50,000 where the FTE count has been maintained and no one employee has been paid less than 75% of their normal wages (exemption rules apply).
- The full Form 3508 must be used for all other borrowers.
*Please note, applications for loans under $50,000 which have already been started or submitted using form 3508EZ or the full application do not need to be changed or resubmitted, unless you wish to do so.
The Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) extended the deferral period for borrower payments on all PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period). Previously, the deferral period could end after 6 months. Kish Bank recently processed a system-wide update that extends all PPP deferments from 6 months to 10 months. The SBA does not require a formal modification to the promissory note. For more information on these changes please read below.
Kish Bank Forgiveness Portal Registration Instructions
View our full PPP Forgiveness Instructions document for detailed instructions.
Click on the following link to access the Kish Bank Forgiveness Portal: https://kishbank.lenderscooperative.com/ (We recommend the use of a Chrome Web Browser.)
Enter the Company Tax ID number or Social Security number (Sole Proprietors) into the EIN or SSN box.
Enter the SBA Loan Number (with no dashes) into the SBA Loan Number box. You can find the loan number at the bottom of page 4 of your loan Note document. This number will also be emailed to the primary signer on the loan documents.
Click on “Find Your Loan” and verify it by selecting the correct loan amount.
Complete your login by entering an email address and password. (Note, if you are accessing multiple loans, you should use the same email and password.) Now you are ready to begin the forgiveness process.
Please take note of these special points about Portal Users:
- Multiple individuals can create their own individual portal login for the same company, and share access to the forgiveness application.
- One individual can access forgiveness applications for multiple loans. Follow the steps below for each loan and be sure to use the same email and password every time. You will then be able to toggle between different loans.
If you have questions, please use the secure communication function built into the portal to communicate with your Kish Bank forgiveness reviewer. If you have more general questions or if you have any issues logging in, please email [email protected].
We have added the following sections for your reference.
SBA & Treasury Guidance
PPP Forgiveness Portal Demo
On Friday, June 26 we conducted a webinar discussing the process and demonstrating the forgiveness portal. Please click here to view this webinar.
Contact and support information
Please contact your relationship manager or email us at [email protected].
Paycheck Protection Program Flexibility Act
SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing these legislative amendments to the PPP. These modifications will implement the following important changes:
Extend the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness. Borrowers who have already received PPP loans retain the option to use an eight-week covered period.
- Lower the requirements that 75 percent of a borrower’s loan proceeds must be used for payroll costs and that 75 percent of the loan forgiveness amount must have been spent on payroll costs during the 24-week loan forgiveness covered period to 60 percent for each of these requirements. If a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs.
- Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, due to compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID–19.
- Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.
- Increase to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.
- Extend the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).