Mercantile is an SBA Preferred Lender and we stand ready to help!
Please Note: PPP funds are no longer available, we are only able to accept forgiveness applications at this time.
From its introduction in April 2020, the PPP program has been reauthorized and amended as needed in response to the duration of the pandemic. The resources provided here have been updated to include the most recent program forgiveness forms as of July 2021. Additional information and resources are available from both SBA.gov and Treasury.gov.
PPP Loan Forgiveness
PPP borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement.
You can apply for forgiveness once you have used all loan proceeds for which you are requesting forgiveness any time up to the maturity date of the loan. However, if you do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and you will need to begin making the payments.
- For PPP loans of $150,000 and under, please refer to Form 3508S. Please review the form's instructions, complete the application form, and provide all necessary documentation to your Mercantile Lender.
*NEW SBA Direct Forgiveness Portal now available - For borrowers with PPP loans of $150,000 and under, this new portal provides a direct method of application you can complete in as few as 5 minutes. The user-friendly portal will validate your loan and business information and quickly aid you in completing and submitting Form 3508S to request for full PPP loan forgiveness. Select the links below for the Borrower Guide and Direct Forgiveness Portal access:
- For PPP loans over $150,000 please refer to Form 3508 or Form 3508EZ. Instructions for both are included with their respective application links.
Please make sure you complete the entire application form, sign it, and provide all necessary documentation to your Mercantile Lender. In the meantime, if you have any questions please reach out to your Lender for assistance.
Thank you for trusting us to help you and your business through these challenging times. We continue to receive guidance and updates from the SBA, and as received, we will keep you informed as well.
Please contact your lender with any questions or for any additional assistance.