PPP FAQs

PPP Forgiveness

For information pertaining to the new Stimulus Relief Package please visit our PPP page.

TMC is now ready to accept PPP debt forgiveness applications. Please review our FAQs below and if you have any further questions email .

Am I eligible to apply for PPP debt forgiveness?

You are eligible to apply if you have:  

  1. a) spent all your funds, or 
  2. b) reached the end of your covered period (either 8 or 24 weeks after your loan disbursement date). 

The deadline to apply for forgiveness is 10 months after your covered period ends.  

Borrowers with loans disbursed after June 5, may only use the 24-week covered period. Borrowers with loans disbursed before June 5, may CHOOSE to use either 8 or 24 weeks. 

How do I apply for PPP debt forgiveness if my loan is over $150,000?

To get started, please email  and include the legal name of the borrowing entity, contact information and if possible, the PPP SBA loan number. A TMC employee on our debt forgiveness team will email a link to our debt forgiveness application system provided by a software vendor named “Biz2Credit”.  

You will be required to enter your email and SBA loan number to log into the platform, if you need assistance with this, email The system will guide you through the application form and provide instructions as you go.  

The final step of the application is generating the SBA 3508 application form. You will NOT sign it at this point in the process. You will be sent an E-Sign link AFTER your application has been reviewed by TMC and before it is sent to the SBA.  

Once you submit your application to TMC for review member of the TMC debt forgiveness team will be assigned to your application. They will review it for accuracy and completion. If they have questions or need additional documentation, they will send you an email through the Biz2Credit platform. This email will come from please do not reply to this email, TMC does not have access to it.  

This email will prompt you to log back in to the platform and make the necessary adjustments or upload documents. Then you will need to RESUBMIT your application to TMC to move it forward in the process. 

After TMC determines your application is ready to be submitted to the SBA, they will send you the E-Sign link. This email will come from , please whitelist this email so that it doesn’t go into spam.  

After the form is signed, TMC will take the final step to submit your application to the SBA for their review. 

Please note that PPP legislation allows for TMC to takeup to 60 days to process a forgiveness application. In addition, the SBA has 90 days to review and decision the forgiveness application after it is submitted by TMC. 

How do I apply for PPP debt forgiveness if my loan is under $150,000

What is the required documentation to apply?

Required Documentation: 

Please refer to the SBA application instructions below for detailed guidance and required documents.  

At a minimum, most businesses will need to provide: 

  • Payroll reports showing each employee for the entire covered period 
  • Federal quarterly payroll tax filings (Form 941) overlapping with the covered period 
  • State quarterly payroll tax filings overlapping with the covered period 

Sole-proprietors will need to provide their 2019 personal tax return, if it was not submitted at the time of the loan application.  

3508S Instructions for Borrowers 

3508EZ Instructions for Borrowers 

3805 Instructions for Borrowers

 

What if I want to revise incorrect information on my application?

If you are a PPP borrower and you want to revise incorrect information on your application please visit: https://www.sba.gov/ppp-data-feedback

Other helpful resources:

Click here to view more PPP FAQs released by the SBA.

PPP2 (Second Draw)

We are currently at a processing time of 3-4 weeks from the date of submission.

Previously for First Draw PPP, the SBA’s goal was to get funds out to the people as quickly as possible and do verification at Forgiveness. Now comes Second Draw, it is more structured and both TMC and the SBA are closely verifying everything to make sure requirements are met and that it is correctly filed before actual disbursement.

For a brief timeline: after we review your application and submit it to the SBA, generally it will take about a week-and-a-half for you to receive funds.

After SBA approves your application we will inform you of the good news, send over loan documents/ACH for you to sign and confirm; when you submit the signed documents back, you should receive the funds within the next week or so.

Thank you kindly for your continued patience, our team is working as fast and accurately as we can with this high demand for the new round. We sincerely appreciate your understanding, please continue to reach to if you have any other questions.

I am planning on using the same loan amount from my first draw loan, what do I need to do and provide?

If you plan to use the 2019 documentation you have already provided to determine your PPP Second Draw loan amount, please enter the same amount for “Average Monthly Payroll” and “Loan Amount.”

When the software asks for you to upload supporting documentation, it is okay to upload any blank document as the software will not allow you to progress to the next step unless it detects something was uploaded.  The same goes for the loan amount calculator:  As long as you are requesting the same loan amount, a blank Excel spreadsheet can be uploaded. You do still need to download, sign and re-upload the PDF application (Form 2483 SD).

There is not a place to upload documentation proving my 25% decrease in gross receipts. Where do I do that?

If your loan request amount is above $150,000, you need to upload documentation for gross receipts. You may upload them to any place you are able to upload documents (for example in the tax filings section). The following outlines what you may provide to demonstrate the reduction:

  1. Quarterly financial statements (ex: Profit and Loss statement). If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the applicant must annotate which line item(s) constitute the gross receipts.
  2. Quarterly or monthly bank statements. Must be annotated, if it is not clear, which deposits listed on the bank statement constitute gross receipts and which do not.
  3. Annual IRS income tax filings of the entity (required if using an annual reference period).

See here for more information about Gross Receipts.

I am planning on increasing my loan request compared to my first draw loan, what do I need to do and provide?

If you loan request has increased, we are assuming it is due to one of the following reasons. At the end of filling out the application there is a place to submit a comment, please use this to detail why there is a change in your loan request amount.

1. Your average monthly payroll increased this year, so you are now using 2020 average monthly payroll instead of 2019. Please upload the following:

  • All four 2020 941 Quarterly Payroll Statements
  • 2020 payroll detail report, showing each employee paid
  • If you are a sole proprietor, your 2020 1040 and schedule C.
  • If you are a Partnership, the 2020 Schedule K-1 (IRS form 1065

2. You incorrectly calculated your first draw amount. Maybe you didn’t include health insurance costs or taxes. Please include the following:

  • Documentation showing payments made to group healthcare, retirement, etc.

This is my first PPP loan. What information do I need to supply?

Depending on whether your using 2019 or 2020 to calculate your average monthly payroll, use documentation from that year. Every applicant needs to provide Articles of Incorporation and a Driver’s License for the authorized signer.

  • Please provide quarterly IRS Form 941s or Form 940, detail payroll report showing each employee paid throughout the year.
  • If you are a seasonal business and using a consecutive 12-week period to calculate your average monthly payroll, then supply a payroll report for that period and a 941 for that period.
  • If you are a Sole Proprietor with no employees, provide your IRS form 1040 Schedule C.
  • If you are a partnership, provide the IRS form 1065 K-1.

See here for more details about what to provide and how to calculate your loan amount.

For more information on the latest COVID-19 relief package & small business resourcesclick here
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