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Paycheck Protection Program (PPP)

We are no longer accepting applications for Paycheck Protection Program loans, as federal funding for the program has been exhausted. For other financial assistance options, please contact a First Interstate Relationship Manager.

The Paycheck Protection Program (PPP) provides loans to small businesses impacted by COVID-19 to help cover payroll costs and other approved expenses (including rent, utilities, and mortgage interest). The loan is backed by the Small Business Administration (SBA).

PPP is subject to the terms and conditions in the interim final rule(s) and guidance provided by the U.S. Treasury Department and the SBA. For more information, please visit:

Loan Forgiveness

Your PPP loan may be eligible for forgiveness if the proceeds were spent on payroll, mortgage interest, rent, or utilities paid or incurred during the 8 to 24 weeks after loan disbursement.

If you received a PPP loan through First Interstate Bank, we will contact you directly with next steps and instructions to access our online forgiveness portal. In the meantime, we recommend reviewing the forgiveness requirements and collecting any needed documentation.

Forgiveness Applications

The SBA has released three forms and instructions borrowers may use to apply for forgiveness. Please do not complete the PDF version of these applications; First Interstate only accepts applications submitted through our online forgiveness portal. However, it’s a good idea to review the applications to determine which form best meets your needs, as well as what documentation is required.

SBA Form 3508  |  SBA Form 3508EZ  |  SBA Form 3508S

You may submit the 3508S application if your PPP loan or combined loans total $150,000 or less. SBA Form 2508S requires fewer calculations and less documentation.

You may submit the EZ Forgiveness Application if you:

Forgiveness Requirements

For all or a portion of the PPP loan to be eligible for forgiveness, borrowers must:

Expenses eligible for forgiveness include:

The following related expenses are not eligible for forgiveness:

Timing of Expenses

The SBA has allowed some flexibility in timing for the use of PPP funds. Businesses may seek forgiveness for payroll costs paid or incurred during the 24 weeks beginning on either: 

The PPP Flexibility Act extended the covered period from eight weeks to 24; however, businesses may choose to use an eight-week period.

Payroll costs paid or incurred during the 24-week period are eligible for forgiveness. Payroll costs incurred during the eight-week period are eligible for forgiveness if paid on or before the next regular payroll date. Otherwise, they must be paid during the 24 weeks. Payroll costs are considered “paid” on the day paychecks are distributed or your business originates an ACH credit transaction. They are considered “incurred” on the day the employee earned the pay. Mortgage interest, rent, and utilities need to be paid during the covered period or paid on or before the next regular billing date, even if the billing date is after the covered period.

Forgiveness Amount Reductions

The forgiveness amount is reduced if the salary or hourly wages of employees who make less than $100,000 annually was reduced by more than 25 percent during the covered period. 

The forgiveness amount also is reduced if the business reduces its average full-time equivalent (FTE) employees. The following may be excluded if you didn’t hire a replacement: 

The SBA has extended “safe harbor” to businesses that rehire employees by December 31, 2020. You may be exempt from the FTE reduction if these two conditions are met: 

Required Documents

When you apply for forgiveness, you will need to submit documents verifying eligible expenses and full-time equivalent employees, as well as each employee’s salary or wages. The SBA requires all records related to your PPP loan be saved for six years after the loan is forgiven or repaid in full.

Please note: Borrowers with a PPP loan or combined loans totaling $150,000 or less may submit SBA Form 2508S, which requires less documentation. However, the SBA requires borrowers to retain the following documents.

Payroll Documentation: You’ll need to include documents verifying the eligible compensation and benefit payments, including:

FTE Documentation: If you reduced the number of full-time equivalent (FTE) employees or you reduced the salary or wages of any individual employee by more than 25%, you’ll need to document:

Documents may include:

If you did not reduce FTE or salary/wages, or you have no employees, you may use Form EZ and this documentation is not required with the application.

Nonpayroll Documentation: You’ll need to verify the existence of a mortgage, lease, or utilities prior to February 15, 2020, and payments made during the forgiveness period:

Business mortgage interest payments

Business rent or lease payments

Business utility payments

Covered operations expenditures

Covered property damage costs

Covered supplier costs

Covered worker protection expenditures