PPP Forgiveness

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



Trustmark will launch the Loan Forgiveness portal on August 19, 2020. Applications will be processed in phases with the initial phase for loans greater than $150,000.
For loans equal to or less than $150,000, Trustmark anticipates legislative action that will significantly streamline the forgiveness process and provide a substantial reduction in information that needs to be submitted for loan forgiveness. At this time, forgiveness applications for loans equal to or less than $150,000 will not be accepted until additional clarification is received from the SBA. Customers that have received a loan in this category should closely monitor this webpage for updates.
When Trustmark begins accepting forgiveness applications for your phase, you will receive an email from Trustmark SBA Forgive with instructions to register for our online portal. This portal will provide an electronic template for you to populate your forgiveness information and attach supporting documentation. At a minimum, the following information will be pre-populated in the template:
  • Your SBA PPP Loan Number
  • Trustmark’s Lender PPP Loan Number
  • Your PPP Loan Amount
  • Your PPP Loan Disbursement Date
Once you enter the additional required information and attach supporting documentation, you will submit your application. The following steps will then occur:
  • Trustmark will have up to 60 days to conduct a review of your submission. Once we complete the validation, you will receive an electronic version of the SBA Forgiveness Application for your review. If satisfied, you will electronically execute a Borrower Certification, in which you will attest to appropriate and permissible use of your SBA Paycheck Protection loan. You must electronically sign this document in order to qualify for loan forgiveness and submit it to us.
  • Trustmark will receive your completed application and submit it to the SBA for approval. The SBA will have up to 90 days to review your application and issue a final decision of full or partial forgiveness to Trustmark. If the SBA determines only a portion of your loan is eligible for forgiveness, the SBA will remit only the approved forgiveness amount to Trustmark. Any remaining balance due, including the full balance if deemed ineligible, must be repaid, and you will be notified by the Bank of the forgiveness amount and the date on which your first payment is due. For loans not fully forgiven, Trustmark will prepare a loan modification agreement for you to execute electronically through DocuSign.
As has been common throughout the program, the potential for additional changes and/or updated guidance remains. Therefore, preparation on your part is key, and we recommend that you continue to collect and accurately maintain supporting documentation of your PPP fund usage, including:
  • Payroll – Retain payroll records and proof of ACH transfers. If you utilize a third-party payroll provider, be sure to save your payroll invoice that shows costs and employee benefits
  • Utilities – Keep invoices and statements for electric, phone, internet, gas and heating providers
  • Rent and mortgage interest – Maintain proof of payments
For additional information, visit the US Treasury Department CARES Act Overview Page located at https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.
More details will be provided on this webpage as they become available, and specific questions that you may have can be directed to our PPP Forgiveness customer service team at pppforgiveness@trustmark.com.