Paycheck Protection Program (PPP)
Loan Forgiveness

Now accepting online applications for PPP Loan Forgiveness

Customers with Paycheck Protection Program (PPP) loans through People’s United Bank may submit a loan forgiveness application online, for review by the SBA.

*** Please review all the resources provided to ensure complete understanding of the requirements to make the process as efficient as possible. ***

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Important Update as of March 3, 2021

The Economic Aid Act legislation enacted earlier this year changed eligibility and covered expense requirements for PPP loan forgiveness. These changes require updates to the application forms and the online platform through which People’s United Bank’s customers apply for loan forgiveness. As a result, you may need to take further action on any loan forgiveness applications you have in process and/or be aware of SBA-mandated changes to the application forms.

If you have started a loan forgiveness application but have not yet submitted it for SBA review:

Any PPP loan forgiveness application that was in-process prior to March 1, 2021, has been impacted by SBA-mandated changes to the application forms. Any information previously entered has been transferred to the new version of the PPP Loan Forgiveness applications that is appropriate for your loan amount.

If you have not yet started a loan forgiveness application:

Any People’s United Bank customer that wishes to begin a new PPP loan forgiveness application may do so now using our online application portal.

Thank you for your understanding as we improve our systems to serve you better.

Know the Covered Period of your loan(s)

It is the borrower’s responsibility to determine when the Covered Period ends and when to apply for forgiveness. If you have multiple PPP loans issued for different businesses, the Covered Period end date may differ between loans and you will not be notified to apply for each loan separately.

"Covered Period" Definition

  • The “Covered Period” is any period between 8 weeks and 24 weeks from the date of loan disbursement (the date funds were delivered to your bank account).
  • This is the time period that you, as the borrower, have to spend the proceeds of your PPP loan on Covered Expenses.

What to know before applying for loan forgiveness

You must apply for your PPP loan forgiveness online through a secure portal provided by People’s United Bank. Enter your loan information directly into the portal—paper applications will not be accepted. Once People's United reviews the submitted application, the bank will transmit it to the SBA.

All calculations will be completed in the online application, you do not need to complete any calculations independently.

Carefully review the three forgiveness applications from the SBA

Review each SBA application form below and the resources provided to determine which option is best suited to your business and to understand what information the SBA is requesting. Consider consulting with a tax and/or legal professional regarding your application.

Gather and scan copies of business documents

Your application needs to be accompanied by documents which support your loan forgiveness calculations, the types of documents you may need to include with your application include:

Non-Payroll Expense Information

  • Business mortgage interest payments, including: amortization schedule and cancelled checks OR bank statements from February 2020 and each month of the Covered Period, plus one additional month
  • Business rent and lease payments, including: copy of current lease and receipts OR cancelled checks or bank statements from February 2020 and each month of the Covered Period, plus one additional month
  • Business utility payments, including: copy of invoices from February 2020 and those paid during each month of the Covered Period, plus one additional month AND receipts, cancelled checks, or account statements
  • Please see the instructions to the application forms above for information about additional expenses that may qualify for forgiveness as result of the Economic Aid Act

Payroll Expense Information during your Covered Period

  • Bank account statements or third-party payroll service provider reports documenting cash compensation paid to employees
  • Tax forms or equivalent third-party payroll service provider reports for: payroll tax filings and state quarterly wage reporting and unemployment insurance tax filings
  • Payment receipts, cancelled checks, or account statements documenting employee health insurance and retirement plan contributions
  • Any employee job offers and refusals, firings for cause, voluntary resignations, and written requests by any employee for reductions in work schedule; documentation showing average number of FTE employees
  • The Schedule A worksheet is not required to be submitted, but you must retain all PPP-related records for 6 years.
  • Gather payroll data for your full-time employees
  • You will need to provide the following additional information (it was not required with your initial application):
  • Names of full-time employees (first and last)
  • Last four digits of each employee’s social security number
  • List and note the employees making above and below $100,000

Application must be completed by original PPP loan applicant

About the Application Process

While the application process is intuitive, there are many important details to be aware of to ensure timely and accurate processing. The process to review your application and determine if your loan qualifies for forgiveness will take time: Once your application is submitted, People's United has up to 60 days to remit it to the SBA for approval. Upon receipt of the application, the SBA has up to 90 days to render its forgiveness decision.

For additional information, visit the U.S. Treasury and SBA websites.

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Enter required information online and submit application

If you have multiple PPP loans, you must complete and submit a forgiveness application for each loan. Be sure to review both SBA forms to determine which form option is best suited to your business and to understand what information is required by the SBA. Consider consulting with a tax and/or legal professional regarding your application.

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People’s United Bank reviews the submitted loan application

If the application is incomplete, People’s United Bank will contact you to correct any issues. Once complete, the application will be returned via secure email for your e-signature. People’s United Bank has up to 60 days to review and submit the application to the SBA for review and approval.

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The SBA reviews the submitted loan application

The SBA has up to 90 days to review the application and make a decision.

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The SBA notifies People’s United Bank of its loan forgiveness decision

People’s United Bank will then notify you via email of the SBA’s loan forgiveness decision as:
- Full forgiveness
- Partial forgiveness
- No forgiveness

People’s United Bank will provide follow-up instructions via email on the next actions to take.

Completing the Online Loan Forgiveness Application

The following videos are provided to help you navigate the online application portal. People’s United utilizes a third party, Numerated, LLC, to support the PPP lending process including the online forgiveness process. Numerated, LLC provides an online portal to allow users to prepare and submit information to People’s United for online PPP forgiveness applications. The informational videos made available here are provided by Numerated, LLC and are intended to provide assistance to PPP borrowers as they prepare their forgiveness applications and complete the required SBA forms.

People’s United assumes no liability for any of the instructions or directions provided by Numerated in these videos for completing the online forgiveness application. People’s United has not audited or attempted to confirm the information in these videos for accuracy or completeness. Applicants for PPP loan forgiveness are encouraged to consult with a tax and/or legal professional regarding their specific application(s).

7:41 minutes
Borrower authentication & application

5:33 minutes
Borrower document uploads

4:30 minutes
Borrower e-signing

Begin your forgiveness application

The loan forgiveness applicant should be the same person that applied for the original PPP loan.

On the login screen, you will need to enter the following information:

  • Your email address used at the time of original loan application and to sign your PPP loan documents
  • The Taxpayer Identification Number (TIN) associated with the loan
  • The Social Security Number (SSN) of the person who applied for the original PPP loan

If you have multiple loans, each will need to be submitted separately. You will be able to save your progress on each loan, so you may begin even before your Covered Period is over.

We're here to answer your PPP loan questions

Customers holding PPP loans through People's United Bank

Please contact your Relationship Manager or Branch Manager through whom you submitted your application, or call our PPP Forgiveness Hotline.

Articles and advice for your business

The U.S. Treasury and Small Business Administration (SBA) are responsible for the PPP rules and related guidance including determining the amount of loan forgiveness you may receive. This can include full, partial or no forgiveness. We encourage you to visit the U.S. Treasury and SBA websites for current program rules and guidance which are subject to change without notice. You may want to consult with independent legal, tax, and other professionals for assistance.

© 2021 People's United Bank, N.A.