We’re proud to help essential businesses like yours by offering specific relief programs in partnership with the SBA, including the Paycheck Protection Program and the Main Street Lending Program.

The SBA has announced that as of May 4, 2021, the Paycheck Protection funding has been exhausted for this round. You may complete the PPP form for future follow-up by an Equity Bank team member. Please contact us with any questions.

Pending Applications:

If you have submitted a PPP application and are waiting on your loan status, please contact us for more information.
PPP Round Two Information:
The SBA's Paycheck Protection Program round two is now closed. Here is some helpful information outlining the program.
For First Time PPP Borrowers:
  • Maximum loan amount is $2 million (reduced from $10 million max in PPP Round 1)
  • Expanded list of eligible borrowers now include: Housing cooperatives, newspapers, broadcasters and radio stations.
  • Publicly traded companies are prohibited from participating in the PPP
  • Revised lender fee structure (see SBA website for more information) 
For Second Draw PPP Borrowers:
Forgiveness applications are available for PPP loans. The U.S. Treasury Department has released a new short form for PPP loans with a value of $50,000 or under. Download the application and instructions to get started.

If you have already received funding for the SBA Paycheck Protection Program. Click here
The PPP Flexibility Act of 2020

UPDATE ON COVERED PERIOD: The Paycheck Protection Program Flexibility Act of 2020 extends the deferral period for PPP borrower payments of principal, interest and fees, up through the date the SBA remits your forgiveness amount to Equity Bank.

If you do not apply for loan forgiveness, the payment deferral period ends 10 months after your loan forgiveness covered period. This is a change - previously, the deferral period was set to expire 6 months after your covered period. For more information, visit the SBA website.

Loan Forgiveness Applications & Instructions

PPP Forgiveness Application

Instructions for Completion


In some cases, the SBA allows submission of a shorter, EZ form. You should use the EZ form IF:

  • Borrower is self-employed, independent contractor, or sole proprietor with no employees and did not include employee salaries in your PPP loan OR

  • Borrower did not reduce payroll by more than 25% during the covered period AND borrower did not reduce number of employees OR

  • Borrower did not reduce payroll by more than 25% during the covered period AND borrower was unable to operate during the Covered Period at the same level of activity.

EZ PPP Forgiveness Application

Instructions for Completion


You should use the 3508S- Short form IF:
  • The loan amount you received from your Lender was $150,000 or less for an individual First or Second Draw PPP Loan.
  • This form requires fewer calculations and less documentation for eligible borrowers. This form does not require borrowers to show the calculations used to determine loan forgiveness amount. However, SBA may request information and documents to review those calculations as part of its loan review or audit processes.
  • If you are not eligible to use this form, you must apply for forgiveness using either the full forgiveness application or the EZ form. 
Short PPP Forgiveness Application
Here are some important things to keep track of as you use your Paycheck Protection Program funds.
  • Ensure PPP funds are used only for allowable uses.

  • Work closely with tax professionals to maximize your forgivable amount.

  • Additional tax savings under the CARES Act.

  • Maintain proper documentation to substantiate costs.

  • File an application after the 8-Week period to request forgiveness of loan amounts.

Questions? Contact Us.

SBA Paycheck Protection
SBA Disaster Relief Loans
Questions About SBA
Main Street Lending Program

"PPP" helps you cover payroll and overhead expenses, featuring deferred payments and potential loan forgiveness. Check out the PPP FAQs and then talk to one of our specialists.

The US Small Business Administration offers direct assistance with low-interest disaster loans as a result of COVID-19. Apply through the SBA.

We're here for you. Ask a question about your business, your loan programs, and get help. Start with our customer care team today.

The Main Street Lending Program provides support to small and medium-sized businesses and employees across the U.S. Find out more about this program, and if it's right for you.

Please note: The US SBA continues to review program terms for PPP loans.
Check back often. We'll update this page regularly with SBA guidance for you and your business.

Sample Documents for Review:

Paycheck Protection Program - Updated January 5, 2020

The SBA may provide 100% federally-backed loans to eligible businesses to help pay operational costs. Subject to certain conditions, loan amounts are forgivable.


  • Any business concern, non-profit organization, veterans' organization or Tribal business meeting the below eligibility requirements

  • Businesses must have 500 or fewer employees to participate. This includes full-time, part-time and those employed on other basis, including freelance or gig economy workers.

  • Must meet the employee size standard established by the SBA for the industry in which the entity operates, if larger than 500 employees.

  • Special affiliation waivers for businesses in the hospitality and dining industries, franchisees holding a franchise listed on the SBA's registry of approved franchise agreements, or any business that receives assistance from a company licensed under a specific portion of the Small Business Investment Act.

Loan Requirements

  • The loan is needed to continue operations during the COVID-19 emergency;

  • Funds will be used to retain workers, maintain payroll or make mortgage, lease, and utility payments;

  • The applicant does not have any other application pending under this program for the same purpose

  • From February 15, 2020 through December 31, 2020, the applicant has not received duplicate amounts for the same purposes though another loan under Section 7(a) according to the SBA.

  • A lender must consider whether the borrower was operating on February 15, 2020 and had employees or independent contractors for whom the borrower paid.

Eligible uses of loan proceeds, in addition to uses already allowed under the SBA Business Loan Program

  • Payroll expenses, with requirement of 60% of PPP funds for maximum forgiveness.

  • Costs of continued group health care benefits during periods of paid sick, medical, or family leave.

  • Salaries, commissions or similar compensation

  • Payments of interest on mortgage obligations

  • Rent/lease agreement payments

  • Utilities

  • Interest on any other debt obligations incurred before the covered period

Program Features

  • SBA guarantee and ongoing servicing fees are waived

  • Possible debt forgiveness up to 100%

  • Payments deferred for six months

  • 100% loan guaranty

  • Maximum loan amount of $10 million

  • Loan amount determined by borrower's total average monthly payroll costs for the most recent 12 months, excluding compensation above $100,000/year employees, times 2.50, plus the outstanding amount of any SBA Economic Injury Disaster Loan (EIDL) between January 31, 2020 and the date that Paycheck Protection Program loans are available to refinance the EIDL loans (alternative loan amount calculations available for seasonal employer or entities that were not in operation between February 15, 2019 and June 30, 2019).

  • No collateral or personal guarantees are permitted to be required

  • No credit elsewhere test

Debt Forgiveness

The program provides for possible debt forgiveness of eligible expenses of small businesses. The below information is a summary of the debt forgiveness process, but is not a comprehensive list of all requirements or details of the process. Further information regarding the debt forgiveness process will be coming soon.

This program provides the opportunity for indebtedness to be forgiven, and not taxed in an amount not to exceed the principal amount of the loan, equal to the costs incurred and payments made during the covered period on:

  • Payroll costs

  • Interest payments on mortgages

  • Rent

  • Utility payments

Forgiveness amounts will be reduced for any employee cuts or reductions in wages. To substantiate their fixed expenses, borrowers will have to provide source documentation for payroll expenses, rent and mortgage payments, and utility expenses as well as proof of payment for those expenses to the lender that is servicing the loan. If the expenses are approved, the SBA will purchase that portion of the debt from the bank and reduce the borrower's loan principal. Forgiveness may not be provided for expenses that do not qualify under one of the above listed expense categories.

Loan forgiveness expedition possible for PPP loans under $150,000.


  • Fixed interest rate of 1.00%

  • All loan payments deferred for 6 months

  • Loan term of 5 years

  • Possible debt forgiveness up to 100% as outlined above.

Please contact us for more information.

Watch this page for updates on the SBA programs as new features and clarifications are issued. 


Additional Resources:

Subject to credit approval and program guidelines. Small Business Administration loans are administered by preferred SBA partners and subject to SBA eligibility guidelines. Certain restrictions apply to refinancing options and are subject to program terms. Refinances of existing SBA loans are excluded. Financing maximums and terms are determined by borrower qualifications and use of funds.