The SBA has stipulated that at least 60% of your loan must go towards payroll. The additional 40% can be applied towards utility bills, rent, as well as mortgage interest. Backup proof of the utilization of funds with the above parameters within 24 weeks of funding, as well as a completed SBA PPP Forgiveness Application (either the SBA Form 3508 EZ, SBA Form 3508, or SBA Form 3508S) are needed for your loan to get forgiven by the SBA.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
After submitting your forgiveness application, LendingClub Bank has up to 60 days to make a recommendation to the SBA on the forgiveness amount. After the LendingClub Bank submits its recommendation to the SBA, then the SBA has up to 90 days to render final approval.Get Started
What is the application process?
Here’s what you’ll need to know to apply for forgiveness
- Your Loan Number*
- Completed SBA Form 3508EZ, SBA Form 3508, or SBA Form 3508S
- Payroll documentation for the forgiveness period
- Non-payroll documentation should it apply to your business:
- Mortgage payments
- Rent payments
- Utility payments
*Note: Your loan number has been sent to you in an email with the subject line “Information on the PPP Loan Forgiveness,” and it can also be found on your loan documents.Get Started
How is the forgiveness amount determined?
The Bank will evaluate the applicable SBA Forgiveness Application Form provided by borrower, with all supporting documentation to determine the eligible forgiveness amount per SBA guidelines.Get Started
Through the Paycheck Protection Program, the Bank has helped put 60,000 employees back to work
“Everyone here has been great! This has been a stressful time for small business owners and LendingClub has really helped me to navigate the application process for an SBA loan. Thanks again to everyone at this bank.”
“Joyce in Customer Service was great… she spent a lot of time with me and made me feel appreciated as a customer.”
“Joseph in Customer Service couldn’t have been more helpful! It was great to chat with a live person and get my questions answered. It’s been very frustrating with other banks. Thanks LendingClub!”
“Outstanding experience! Plain and simple! Chat Bot Rae and Customer Service Rep. Jessica responded quickly and informed me of exactly what I needed to do and took care of my concerns.”
“Jessica at Customer Service was extremely thorough and informative, especially in light of all the uncertainty in the current environment. I am a small biz CPA in North Carolina, and LendingClub is THE best financial institution I have seen in my 30 years of experience.”
“I’ve been so thankful for the help during this uncertain time. I’m looking forward to other future collaborations with this bank. Thank you for being you!”
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