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Small Business Assistance (PPP Loans)

PPP Loan Forgiveness

SBA Paycheck Protection Program Loan Forgiveness Information

As you may know, South State Bank and CenterState Bank, N.A. recently combined the two companies under the SouthState name and systems. We continue to remain focused on providing the best service possible as we guide our customers through the PPP Loan Forgiveness process. Please review the information below which tells where and when you can apply for loan forgiveness, based on how you received the PPP Loan.
 
  • If you received a PPP Loan from either CenterState or SouthState in 2020 or 2021, you can now apply for forgiveness through the SBA’s Direct Forgiveness Portal.
 
 
  • If you received a PPP loan greater than $150,000 from SouthState in 2020, you can apply for Forgiveness now through our partner, Numerated.
 
 
  • If you received a PPP Loan greater than $150,000 from CenterState in 2020, you can apply for PPP Loan Forgiveness now via the SmartBiz platform.
  • If you received a PPP Loan greater than $150,000 from either SouthState or CenterState in 2021, you can apply now for PPP Loan Forgiveness via the SmartBiz Platform.

Apply Now Through the SmartBiz Platform

 


Updates to the Paycheck Protection Program
The Small Business Administration (SBA) recently released new forgiveness guidance and new application forms. The new process removes the requirement for supporting documentation for loans of $150,000 or less, with a revised and streamlined Form 3508S. Borrowers may also benefit from the expansion of covered operations expenses to include certain property damage costs, supplier costs, and worker protection expenses as eligible for forgiveness.
 
Existing Forgiveness Applications:  For borrowers who started the forgiveness process using the prior application forms and guidance, but had not yet submitted the application to the SBA for approval, effective March 1, your application will need to be updated to the new, revised forms prior to being submitted.
 
In order to continue your application, please follow the steps below.

  • Access your application via the link provided above. Your previous application information has been saved.
  • Borrowers with loans $150,000 and under will default to the updated 3508S application. For loans over $150,000, select the appropriate application type (3508EZ or 3508).
  • Review your application and update any additional required information.
  • Continue to the supporting documents section.
    • Borrowers using the 3508S form with loans $150,000 and under:  Supporting documents are no longer required.
    • Borrowers using the 3508EZ or Standard 3508 form: Add the required documentation to support your application.
  • Click the submit button to send your application to the bank.This step must be completed in order for SouthState to receive and review your application.
After your application is received, SouthState will contact you via email if additional information is required.  After your application is reviewed, you will receive an email to review and eSign documents before your forgiveness request is delivered to the SBA for approval.
Image for PPP Forgiveness Process Overview

PPP Forgiveness Process Overview

We know you may be eager to begin the forgiveness process. But first, it's important to determine whether you're eligible to apply and whether now is the right time. Please consult your CPA or accountant, and/or legal professionals, for assistance.
 
Please note, should you choose not to apply for loan forgiveness before the deferral period ends, you will be required to make principal and interest payments on your loan per your loan agreement. You may pay your PPP loan off in full without penalty at any time.
Loan Forgiveness Preparedness

Learn about what you should consider prior to applying for forgiveness and the documentation you may need to prepare.

Online Forgiveness Application

Forgiveness applications will be accepted electronically through our self-service, digital PPP Forgiveness Platform.

SBA Review

Upon receipt and review of your application by SouthState, it will be sent to the SBA. The SBA will render a final decision on your application, which we will share with you once received.

Quick Tips To Consider Before You File

Quick Tips To Consider Before You File

Icon for Quick Tips To Consider Before You File
Icon for Quick Tips To Consider Before You File

Owner-Employees

In many cases, owner-employees are not providing evidence of their 2019 compensation. If you are an owner that is also an employee, please provide your W-2 and/or your K-1s for this period.
 

Utility Expense Evidence

Many applications have missing or incorrect utility expense baseline evidence. We need your February 2020 utility bill to prove the existence of the service prior to 02/15/2020. The invoice must be in the business’s name. If not, please offer an explanation at the end of the online section.
 

Missing Evidence

Borrowers must provide non-cash payroll expenses such as health care and retirement benefits or utility expense support. Both the evidence of the expense AND proof of payment, such as a bank statement or canceled checks, must be provided.
 

Cash Compensation Support

Many forgiveness applications are missing cash compensation payment evidence (e.g., wages, salaries, incentives). Both proof of the expense (payroll schedule and 941s, if possible) AND proof of payment (e.g., bank statement or canceled checks) must be provided.
 

Mortgage/Rent Evidence

Make sure to provide the rental agreement, lease, or mortgage in the name of the business, dba, or owner that you are filing for and dated prior to 2/15/2020. If not available, please provide an explanation. Also, ensure that if you have multiple companies that share the same property, each is allocated the appropriate pro-rata share of the expense.
 

100% Payroll

If you have opted for the 24-week Covered Period, you do not need to wait until the end of the period to apply for forgiveness. You can file once you have used your PPP loan proceeds. Further, you may qualify for full forgiveness solely using payroll expenses. If you qualify for full forgiveness solely using payroll, there is no need to include utilities or interest expense. In fact, this option is almost preferred by the SBA, as it was their original intention to support payroll for businesses. Payments to a third-party payroll processor are also acceptable.

  1. The information provided does not, and is not intended to, constitute legal advice. All information is for informational purposes only, is subject to change and may not constitute the most up-to-date information. You should contact your legal advisor to obtain advice with respect to any particular legal matter, and you should not act or refrain from acting on the basis of information contained herein without first seeking advice from your attorney. All liability with respect to actions taken or not taken based on the information contained herein is expressly disclaimed.

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