Skip Navigation Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view,download Adobe® Acrobat Reader.
Union Bank

Payment Protection Program Loan Forgiveness

Payment Protection Program Loan Forgiveness

Loan Forgiveness for Round 1 and Round 2 Borrowers

Thank you for placing your trust in Union Bank to secure a loan under the Small Business Administration (SBA) Paycheck Protection Program (PPP).  We feel privileged to serve you and your business through this challenging time.   It is encouraged to complete your Loan Forgiveness Application as soon as possible. 

The SBA has issued three separate applications for loan forgiveness, SBA Form 3508, SBA Form 3508S, and SBA Form 3508EZ.   The forms can be found below.

  • SBA Form 3508:  The Borrower can apply for forgiveness of their First or Second Draw PPP loan by using the SBA Form 3508EZ - or - Form 3508S - or - complete this application as directed in these instructions, and submit it to your Union Bank Commercial Relationship Manager. Each PPP loan must use a separate loan forgiveness application form. You cannot use one form to apply for forgiveness of both a First Draw PPP Loan and a Second Draw PPP loan. For a Second Draw PPP Loan in excess of $150,000, you must submit a loan forgiveness application for your First Draw PPP Loan before or simultaneously with the loan forgiveness application for your Second Draw PPP Loan, even if the calculated amount of forgiveness on your First Draw PPP Loan is zero. 
  • SBA Form 3508S:  The Borrower can apply for forgiveness of their First or Second PPP Loan using the SBA Form 3508S only if the loan amount the Borrower received from their Lender was $150,000 or less for an individual First or Second Draw PPP Loan.  If the Borrower is not eligible to use this form, they must apply for forgiveness of their PPP Loan using SBA Form 3508 or 3508EZ.  Each PPP Loan must use a separate loan forgiveness application form.  The Borrower cannot use one form to apply for forgiveness of both a First and Second Draw PPP Loan. 
  • SBA Form 3508EZ:  The Borrower can apply for forgiveness of their First or Second Draw PPP Loan using the SBA Form 3508EZ if their PPP Loan amount is more than $150,000 and they are able to agree with at least one of the two statements below.  If the loan is for more than $150,000 and the Borrower is unable to agree with one of the statements below, the Borrower cannot use SBA Form 3508EZ and instead must apply for forgiveness of the PPP loan using SBA Form 3508.  If the loan amount is $150,000 or less, please use SBA Form 3508.  
    • The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000.); AND  The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period. 

      • Ignore reductions that arose from an inability to rehire individuals who were employees on February 15, 2020 if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020 (or, for a PPP loan made after December 27, 2020, the last day of the Covered Period).
      • Also ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused. See 85 FR 33004, 33007 (June 1, 2020) for more details.

    • The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000,); AND The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 (or, for a PPP loan made after December 27, 2020, requirements established or guidance issued between March 1, 2020 and the last day of the Covered Period) 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 the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19. 

 
Once you have completed the appropriate application and have gathered all supporting documents, please submit your application via one of the options below.

  • Email to: loanoperations@ubmich.com
  • Mail to: Union Bank, Attn: Loan Operations/PPP, 933 Fourth Avenue, Lake Odessa, MI 48849

For more information on the SBA PPP, questions, or to submit your Loan Forgiveness Application, please contact your Union Bank Commercial Relationship Manager at (616) 374-3278.  


PPP Loan Forgiveness Application 3508

PPP Loan Forgiveness Application 3508EZ

PPP Loan Forgiveness Application 3508S


Return to SBA Payment Protection Program Overview Page

 


Chat With Us