Paycheck Protection Program overview

The Paycheck Protection Program (PPP) delivers relief to small businesses and their employees who have been impacted by the COVID-19 pandemic. Administered by the SBA under the CARES Act, this program provides funds to small businesses, independent contractors and self-employed individuals. The loan funds help businesses to cover expenses such as:

Payroll expenses

Mortgage interest



To date, Synovus has assisted in closing approximately 19,000 loans totaling 2.9 billion dollars since the program’s introduction in early April.

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Here's what we know

On Friday, May 15, the SBA and U.S. Treasury released the first iteration of the PPP Loan Forgiveness Application, which detailed instructions on borrowers’ responsibilities under the program. On Friday, June 5, President Trump signed the Paycheck Protection Program Flexibility Act. The PPP Flexibility Act amends the CARES Act to modify certain provisions related to the forgiveness of loans under the Paycheck Protection Program. On July 23, the SBA released additional procedures for lenders and expressed they expect to begin accepting forgiveness application decisions on August 10.

Over the past several weeks, the SBA has released guidance to include more flexibility for borrowers, as well as more clarity around the loan forgiveness application process and instructions. Some highlights include:

  • Providing an option for most borrowers to extend their covered period for loan forgiveness
  • Introducing a new “EZ” application form for borrowers who meet certain criteria. Forgiveness instructions from the SBA on Form 3508EZ can be found here.
  • Allowing businesses more time to spend funds and to use a larger share of the loan forgiveness amount on non-payroll costs
  • Reducing the percentage of the loan forgiveness amount that must be attributable to payroll as opposed to non-payroll costs from 75% to 60%
  • Providing the option for borrowers to extend loan maturity to 5 years, if approved by the originating bank, and the potential for a longer payment deferment period
  • Extending the safe harbor period by which you can offer to rehire workers without reducing your forgiveness amount until December 31, 2020

While the SBA has released August 10 as their expected date to begin accepting application decisions from lenders, over the next few weeks we also expect the SBA will continue to provide further guidance and instructions regarding procedures we must follow to complete the forgiveness process. During this time, we will continue preparing and testing our digital platform to ensure our systems are fully aligned with the SBA.

Here’s what to expect

We expect to launch our digital loan forgiveness application process for uploading documentation, providing required certifications, and signing your application, later this summer. In the meantime, you can:

The Synovus forgiveness process will be completely online. It's important to educate yourself on the forgiveness requirements by reviewing the newest forms and instructions, the most current interim final rule, and any prior interim final rules (available on SBA website under "Lender Forms and Guidance"). As part of our online forgiveness process, we'll also ask you questions related to payroll calculations you'll make using the "Schedule A Worksheet," which can be found in the loan forgiveness application on SBA's website. You won't need to provide this document through our digital portal but be sure to maintain a copy for your records in the event it is needed for review by Synovus or the SBA.

Thank you for your patience as we continue to receive and share updates from the SBA as we prepare to launch our digital platform. We appreciate the opportunity to serve you.

Important disclosure information

Disclosure: Synovus will process your application for loan forgiveness as the originating lender for your PPP loan based on the guidance and parameters established by the SBA, which may be subject to change. The SBA, and not Synovus, sets the criteria for loan forgiveness, including the eligibility criteria and the parameters that determine how much of your loan may be forgiven. The SBA may instruct us to hold your loan forgiveness application if it decides to conduct a review of your application, or it may instruct us to deny your loan forgiveness application. In its guidance, the SBA has indicated the reasons why it may decide to review an application for loan forgiveness.