PPP Forgiveness

Small Business Administration (SBA) Paycheck Protection Program (PPP)


Loan Forgiveness

As an SBA Preferred Lender, Trustmark provided business loans through the Paycheck Protection Program (PPP). This program was established as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide economic support to businesses by offering loans to enable companies to retain employees and pay certain operational expenses incurred during the COVID-19 pandemic. Loans under the PPP are 100 percent guaranteed by the SBA, and the full principal amount and accrued interest of the loans may qualify for loan forgiveness.
Under the PPP, loan proceeds were to be used for the following expenditures to be eligible for forgiveness:
  • Payroll expenses
    • In order to qualify for full forgiveness, at least 60% of the forgiven amount must have been used for payroll expenses, with the remaining percentage required to be used on approved non-payroll expenses
  • Utilities
  • Rent
  • Interest payments on any mortgage obligations or other debt obligations incurred before February 15, 2020
    • Excludes any payments or prepayments of principal

Loan Forgiveness Portal

We have partnered with an industry leading SBA PPP Forgiveness solution provider to facilitate a streamlined forgiveness process. Around the middle of July, PPP loan participants will receive an email from Trustmark SBA Forgive with instructions to register for the Trustmark Loan Forgiveness Portal. The portal will allow electronic submission of loan forgiveness documentation, and the information provided will be used to determine whether all or a portion of the loan is eligible for forgiveness.
As soon as our loan forgiveness portal is available, we will update this page with a link to the application, and we will notify customers via email of the opening of the portal.

Action by PPP Participants

Prior to the opening of Trustmark’s forgiveness portal, we recommend that PPP participants continue to collect and maintain supporting documentation of PPP funds usage, including:
  • Payroll – retain payroll records and proof of ACH transfers. If a third-party payroll provider has been utilized, save payroll invoices that show costs and employee benefits.
  • Utilities – keep invoices and statements for phone, internet, electric, gas and heating providers.
  • Rent and mortgage interest – maintain proof of payments.
For additional information, visit the US Treasury Department CARES Act Overview page at https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.
More details will be provided on this page as they become available. In addition, questions can be directed to our PPP Forgiveness team at pppforgiveness@trustmark.com.

Forgiveness Request Process

The Small Business Administration (SBA) has provided the information below regarding the forgiveness request process. Please note that the SBA is continually changing guidance for this program, and we will update this page as needed.
  • The covered period for loan forgiveness has been extended from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement.
  • Borrowers will complete the Loan Forgiveness Application (SBA Form 3508) and submit it through the Trustmark Loan Forgiveness Portal.
    • Documentation must accompany the application.
    • PPP participants will be notified via email when the portal is opened.
    • Applications may be submitted as soon as our portal is available.
  • Within 60 days of receipt of a completed application, we will submit a recommendation for forgiveness to the SBA.
  • The SBA has 90 days to review our recommendation and render a final decision of the amount of forgiveness.
  • Trustmark will notify each borrower of the SBA’s decision.

More Information

You may find more information regarding the SBA PPP loan forgiveness program at Treasury.gov/cares or sba.gov.

Trustmark does not offer tax or legal advice, and the information on this page does not address all provisions of the CARES Act. Trustmark recommends that borrowers consult their tax advisors and/or legal counsel with questions about the PPP, CARES Act, and how the borrower’s specific financial situation may impact the borrower’s eligibility to qualify for forgiveness of a PPP loan.