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PPP Forgiveness Process

PPP Forgiveness Process

It is time to move to the next phase for the Payroll Protection Program (PPP) loans – the Forgiveness Process. Last spring when the CARES Act was enacted and we processed your PPP loan application, it was a very hectic process. The SBA issued over 17 changes to the Interim Final Rules and 9 FAQs during April & May alone. Nearly all Security Bank employees were supporting the PPP efforts in one way or another; we worked 10-hour days, 7 days a week for the first month. Our goal was to process loan applications for as many of our customers as we could, as fast as we could, to ensure you would receive SBA approval before the funds ran out. We are proud to have funded 620 PPP loans – more than any other community bank in Tulsa!

The forgiveness process will operate differently. This process is very complex; much more information is required to be used in the forgiveness calculation. And sufficient documentation to support the listing of individual employee compensation and hours worked is required.

As previously announced, we are using an online portal – only electronic submission of the application and all supporting documentation will be accepted. We are sending out emails with a unique link to the portal, pre-populated with your loan information. We sent the first emails on October 9th and will continue to send them out, 25 at a time, in the order of your loan disbursement date. We have over 600 PPP loans to process and we simply cannot process them all at the same time. We anticipate sending out the email batches every 10 days or so.

We have put together a project team to work on this process, who are going to take their time with the details. We encourage you to do the same – to ensure you receive 100% forgiveness and to pass an SBA audit, if randomly selected. Remember, there is plenty of time to work on your forgiveness application: 10 months from the end of your covered period (approximately July – August 2021 for 24-week covered period).

There are three forgiveness applications:

3508 – Standard form that includes Schedule A is for borrowers who reduced salaries or wages for employees, or reduced the number of hours worked during the pandemic. A worksheet is provided on the portal to use as a tool to make sure you include all of the complex details.

3508EZ – Easy version for self-employed individuals, independent contractors or sole proprietors who had no employees at the time of your application. Other businesses will qualify for the EZ form if you did not reduce salary or wages for employees, or you did not reduce number of paid hours. When you start input in the portal, it will ask you questions to help determine your eligibility for the EZ form.

3508S – Streamlined form available for borrowers with accumulated loans of ≤$50,000. If your loan meets this qualification, you will receive a different link to the portal guiding you to this abbreviated form. Although you are not required to submit any calculations of payroll, you need to review your payroll and nonpayroll costs to make certifications that funds were used for eligible costs during the covered period.

Additional information is available on our website, . We will answer questions sent to [email protected] in the order received.

Why is the forgiveness process so difficult? The answer is Fraud. We have all heard stories that have surfaced about flagrant misuse of PPP funds by a few bad characters. The SBA has been entrusted with the responsibility of ensuring that CARES Act funds earmarked to assist small businesses during the pandemic have been used as congress intended………….and that trickles down to the banks who are charged with the job of verifying the correctness and appropriateness of the forgiveness applications. We decided to purchase the online software service so that the process would have consistency, organization and helpful tools for our borrowers.

We have a project team who will review all submitted applications and are available to answer questions or provide additional information. Contact one of them at [email protected]


PPP Loan Forgiveness FAQs

PPP Forgiveness Documentation

SAMPLE 3508EZ Instructions

SAMPLE 3508S Instructions

SAMPLE 3508 Instructions



SAMPLE Schedule A Worksheet - This is an Excel document that we will email directly to our PPP customers.  It can also be requested by emailing [email protected]










COVID-19 Pandemic Update

Our Lobby is Open

We are pleased that we have been able to reopen our bank and welcome back our customers

Precautions pursuant to government guidance have been implemented to ensure the safety and well-being of our customers and employees – our highest priority.

In compliance with the City of Tulsa ordinance, face masks are required inside Security Bank.


Working Together

Security Bank has been able to enhance our ability to serve our customers remotely while making a few adjustments to our lobby to maintain social distancing and sanitation whenever possible.  

Modified Hours                 Lobby                  Monday – Friday               9:00 AM – 4:00 PM

                                           Drive Thru           Monday – Friday               7:30 AM – 6:00 PM

                                                                       Saturday                           9:00 AM – 12:00 PM


Besides the mandatory use of masks, we ask that all employees and customers help by adhering to the following:

Please use hand sanitizer made available throughout the bank.  Be assured that we are continuing to disinfect and clean high-contact areas throughout the day.  Our cleaning crew continues to use medical-grade disinfectants when cleaning at night. 

The coffee bars are temporarily closed. 

Don’t be offended that we won’t be shaking hands; we want to respect that others may have chronic illnesses or care for small children, the elderly, or others with medical conditions.   

Health Practices

Consider staying at home if you are at higher risk (over 65 years of age, people with asthma or other underlying medical conditions).  If you feel sick or are displaying any symptoms of illness, do not enter the bank.   We can provide full service to assist you through alternate banking methods below. 

We will check our employees for signs and symptoms of illness, as appropriate. 


Business Relief Programs

Security Bank has been on the forefront of assisting business customers with government programs made available through the pandemic crisis.   We realize that application for these can be overwhelming to some that are already dealing with upheaval to their business and personal lives.   We have dedicated team members to ensure you receive the most current information to help walk you through the process of these programs.

Oklahoma Business Relief Program Grants

The Oklahoma Department of Commerce initiated the OBRP on June 29th.  The program provides a grant of up to $25,000 to local businesses across the state to assist them in overcoming the challenges of COVID-19. 

We submitted over 125 applications through Phase I and Phase II of the program.   Phase III is currently under consideration.   New applications are no longer being accepted.  For additional information, click here.


PPP Loan Update

The U.S. Congress passed the CARES Act (Coronavirus Aid, Relief and Economic Security Act) stimulus package to provide relief to individuals and businesses during the coronavirus crisis.  Included in this is an expanded SBA 7(a) loan program, referred to as the Paycheck Protection Program (PPP).  Additional information can be found here.

Security Bank is proud to have assisted more than 600 small businesses receive PPP loans for >$100 million in funds.  We are not accepting new applications for this loan program

All PPP borrowers must complete Forgiveness calculations to receive payment or payoff of the PPP loan by the SBA.   This Forgiveness Phase is anticipated to begin in Mid-August.   When available, we will process the forgiveness forms and supporting documentation through a dedicated website.   Stay tuned for more information to initiate Forgiveness procedures.


Alternate Banking Methods

Drive Thru Facilities                                         Online and Mobile Banking

Night Depository                                              Telephone Banking

ATM (our branch or any TransFund location)


You can bank at home without skipping a beat.  

Enroll in online banking to access your account anytime, anywhere.

  • Free, 24/7 Online Banking access:
    • Check balances
    • View recent account history
    • Transfer funds between your Security Bank accounts
    • View e-Statements
  • Convenient Online Bill Pay service included:
    • Make secure, instant payments
    • Schedule future payments
    • Set recurring payments
    • Save money on postage
  • Manage your accounts using our Mobile App
  • Deposit checks from anywhere, at any time of the day or night with Mobile Deposit
    • Simply take a photo of your endorsed check and upload it securely using our mobile banking service
  • Save a tree when you switch to e-Statements:
    • Easy to download, open, and save
    • More secure than standard paper mail statements
    • Instant access to your statements, no delivery delays
    • Completely paperless - no trash, no clutter
    • Print a hard copy as needed





US Treasury CARES Act Assistance for Small Businesses




Oklahoma State Health Department

The OSHD has established a call center to answer COVID-19 related questions: 877-215-8336. The call center has the capability to connect callers to Spanish-speaking interpreters.

Tulsa County Health Department


US Department of Homeland Security



Small Business Administration Disaster Assistance

World Health Organization

H.R.6201 - Families First Coronavirus Response Act

Broken Arrow Chamber of Commerce

US Chamber of Commerce



Oklahoma Employment Security Commission information on Unemployment Claims

US Department of Labor



Pay Protection Program Loans

The U.S. Congress passed the CARES Act (Coronavirus Aid, Relief and Economic Security Act) stimulus package to provide relief to individuals and businesses during the coronavirus crisis.  Included in this is an expanded SBA 7(a) loan program, referred to as the Paycheck Protection Program (PPP)

We are proud to share with you that we have processed nearly 600 PPP applications, providing $100 million dollars to small business customers in Tulsa and surrounding areas.

We encourage small business borrowers who are impacted by COVID-19 to consider applying for a loan under this program, if you have not already done so.  Benefits include:

  • Cash to cover select business expenses, such as employee salaries and payroll support, rent or mortgage interest, utilities, and group health premiums
  • 6 months of deferred loan payments
  • Loan forgiveness, provided loan proceeds are used as specified in the application

Key Points:

  • Length of a PPP Loan is 2 Years
  • Interest Rate is 1.0%
  • Maximum dollar amount of a PPP Loan is 2.5x your average monthly payments for payroll costs

Last day to apply for a PPP Loan is June 30, 2020


SBA Information:

SBA Interim Final Rule

SBA Interim Final Rule Regarding Affiliations

SBA Interim Final Rule Regarding Additional Eligibility Criteria

SBA Affiliation Rules

SBA Interim Final Rules

SBA Interim Final Rule Borrower and Lender Responsibilities

SBA Interim Final Rule Loan Forgiveness Requirements




Update 07/01/20

Oklahoma Business Relief Program Grants

The Oklahoma Department of Commerce initiated the OBRP on June 29th.  The program provides a grant of up to $25,000 to local businesses across the state to assist them in overcoming the challenges of COVID-19.  Phase I of the OBRP closed on June 30th when the $50 million was depleted. 

We received over 125 applications for the grants, most of which were not processed before Phase I closed.  Since this is a first-come, first-serve opportunity, we are no longer accepting new applications.  We will work to complete processing from the original 125 during Phase II when it opens. 


PPP Loan Update

Security Bank is proud to have assisted more than 600 small businesses receive PPP loans for >$100 million in funds.  We are not accepting new applications for this loan program


Update 06/18/20

New EZ PPP Forgiveness Application Form

This week the SBA provided revised Forgiveness Application forms that include the changes pursuant to the PPP Flexibility Act approved by congress.  These include a new 3508EZ form that further reduces the calculation for certain borrowers. 

This would be great news, EXCEPT there continues to be discussion about additional changes to the Forgiveness process, especially for loans <$250,000.

It will be to everyone’s benefit to wait to see if these additional changes come about before taking steps to complete the SBA forms.  Therefore, our continued message to you is to be patient.  Remember that the Flexibility Act extended the covered period to 24 weeks – you have much more time to submit your forgiveness application!

We will launch the Abrigo SBA Lending/PPP Resources online portal towards the end of June.   All borrowers will use this system for the forgiveness phase of PPP loans.  We will initiate the process by sending you an email link to the portal, already populated with your loan information.  Key features include:

  • Secure portal for borrowers to upload documentation
  • Loan forgiveness calculators – reduce risk of incorrect calculations
  • Increase efficiency and speed of the PPP forgiveness process -
  • Help borrowers quickly and conveniently meet the application requirements – populates form 3508 correctly
  • Helpful online hints & tools – reduce risk of misinterpreting ever-changing SBA guidance
  • E-signatures

What can you be doing now?  Gather information that you will upload to the portal after the 24-Week Covered Period. 

  • Payroll reports that include gross compensation for all employees
  • Payroll reports that capture the number of employees and number of hours worked
  • Payroll reports that include employee-paid portion of health insurance and/or retirement plan contributions
  • Quarterly 941 tax reports for the pay periods covered
  • Evidence of employer payments for health insurance and/or retirement plans
  • Oklahoma unemployment insurance tax filings (OES-3A)
  • Mortgage amortization schedule for any mortgage on your business building
  • Evidence of mortgage payments made after your loan date
  • Lease agreements for your business building
  • Evidence of rent payments made after your loan date
  • Utility bills paid after your loan date

*This list is not intended to be all inclusive and subject to change as SBA guidance changes


Update 6/08/20

Congress has passed the PPP Flexibility Act, which is great news for you! 

Key changes include:

  • Extends the covered period from 8 weeks to 24 weeks, or until 12/31/20, whichever is soonest.  This means you will have 16 additional weeks to use funds from your PPP loan for eligible payroll, mortgage interest, rent and utilities. 


  • Extends the date to offset any reduction of staff from 6/30/20 to 12/31/20, giving you more time to rehire individuals or hire qualified employees for unfilled positions. 


  • Replaces the 75/25 threshold for payroll versus non-payroll expenses with a 60/40 threshold. 

Our continued message to you is to be patient.  Get back to running your business.  Pay employees and other expenses, and continue to retain good records for eligible PPP expenses.  The SBA will have to revise the Forgiveness Application and instructions, so the forms issued on May 15th are no longer applicable. 

We are excited to announce that we are in the process of establishing an online portal for all PPP borrowers to use for the forgiveness process - no paper forms, no mailing of documents, no manual signatures.  That program will go live in late June. 

We will provide more information about SBA rules and the forgiveness process as it becomes available.    



DISCLAIMER: Resources are provided as information only and should not be construed as medical or legal advice.