News and Alerts
Dear CBC Bank Customer,
As of June 17, 2020, the SBA has released both the full forgiveness application along with a new, streamlined "EZ" forgiveness application for certain borrowers to use to apply for forgiveness. The new "EZ" application reduces the documentation and number of calculations required to apply for forgiveness. To use the new form, you must meet at least one of three criteria as provided by SBA:
Are self-employed and have no employees; OR
Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.
If you can check any of the boxes in the grey area on this application form, you can use the SBA Form 3508EZ to apply for forgiveness. Otherwise, you will use the FFA (Full Forgiveness Application).
Please see the below links to access both applications, along with instructions on how to apply for these.