Paycheck Protection Program

All PPP Borrowers:

Our Portal is now shutdown to all new and existing forgiveness applications. While we are no longer accepting forgiveness applications through our portal, you can still apply for forgiveness by email. Please send any new fully complete forgiveness applications to PPP@comerica.com. For inquiries about existing applications in process, submission of supporting documentation or loan document requests please email PPP@comerica.com.

Forgiveness applications MUST be received prior to the maturity date on the Promissory Note.

Apply for PPP Loan Forgiveness

If a forgiveness application has not been submitted to the lender, the principal and interest deferral period will last until 10 months after the end of the borrower’s 24-week covered period, or approximately 15½ months before loan payments must begin. We will continue to update the site as changes occur.

Loan Forgiveness Information

PPP Forgiveness FAQ

Preparing for PPP Loan Forgiveness

We encourage you to stay on track to be eligible for loan forgiveness. Up to 100% of your loan may be forgiven if you meet program requirements, including using funds to pay for eligible business expenses.

What’s Next?

We know that you may have questions about forgiveness of your PPP loan, so we’re committed to keeping you informed about how and when to apply for loan forgiveness. We will continue to provide updates via email and here on our PPP website.

In the meantime, we encourage you to visit SBA.gov(Opens a new window) and the U.S. Department of Treasury website(Opens a new window) for more details about forgiveness eligibility. The SBA’s Frequently Asked Questions(Opens a new window) also contains helpful insights into the loan forgiveness process.

In addition, we recommend that you consult with an accounting professional for specific guidance when it comes to documenting eligible expenses for loan forgiveness. You should also review your PPP loan documents with your legal or financial advisors.

Since the PPP launched in spring of 2020, Comerica has helped our customers receive almost 21,000 PPP loans. More than 1,000 Comerica colleagues have worked hard to support the PPP loan program. Our mission is to help customers in their efforts to keep their businesses open and their workforces intact.

Visit our PPP Highlights pages for more details on Comerica’s PPP funding efforts for 2020(PDF, 500KB) and 2021(PDF, 500KB) and all the ways we have helped our customers obtain these crucial loans.

Notification of Fraud Risk

On December 1, 2020, the SBA released detailed information about recipients of Paycheck Protection Program loans, Economic Injury Disaster Loans (EIDL) and Economic Injury Disaster Loan Advances. Unfortunately, when information like this is released publicly, there is often an increase in fraud attempts.

According to the SBA, some borrowers have received emails claiming to be from the SBA and threatening collection action against borrowers whom the email says failed to repay PPP loans by May 7, 2020. Some borrowers have also received emails asking for information under the pretext of a supposed “file review” by the SBA.

If you receive any email like this that does not come from an SBA.gov or Comerica.com address, the email is fraudulent.

2021 Loan Forgiveness Timeline Calculator

Input your PPP loan information into the following fields to understand the forgiveness process timing including the covered period, last day to apply for forgiveness and first payment due date.

Loan Note Date

Is your note a two year or five year note?

Proceeds Disbursement Date

Have you submitted a complete application for forgiveness yet?

Has Comerica completed its review and submitted to SBA?

Bank review completed by

What date was your complete forgiveness application submitted?

Your Timeline Results

The information shown in this table is calculated based on the dates and responses you provide. It is for illustration purposes for your convenience only. Comerica makes no representations or warranties as to the accuracy of the dates shown, and we encourage you to refer to your loan documents and the SBA PPP website for the authoritative terms, provisions and rules governing your PPP loan.

Last day of 24 week covered period (1)
Last day to apply for forgiveness/note maturity
Date application was submitted
Bank review complete (2)
SBA response (3)
First payment due on unforgiven balance remaining (4)
First payment date if you have not applied for forgiveness (5)

Footnotes

Note that under the PPP rules, the last day a Covered Period for loans made in 2020 can end is 12/31/2020, even if the timing of loan document execution and funding would result in a 24-week period ending after year-end.
Comerica’s review of your application must be complete by the date shown above per PPP rules. In the event Comerica processes your application and submits it to the SBA before the end of this 60-day period, then the SBA’s timeline to respond in the following line would begin on the actual date your application was submitted by Comerica to the SBA.
The date shown assumes, for illustration purposes only, that Comerica submits your application to the SBA on the last day of our 60-day review period. If Comerica submits your application to the SBA sooner than the end of this 60-day review period, the SBA’s response deadline would be calculated as 90 days from the date Comerica submitted your application to the SBA. If you receive notice from Comerica that your application has been submitted to the SBA, you may return to this calculator and input the submission date to recalculate the SBA response deadline. Please be aware that in certain cases (especially for loans of $2 million and more), the SBA is taking longer than 90 days to complete its review.
Please note that if the entire balance of your loan is forgiven, this line will not apply to you—this line of the timeline is only applicable if less than 100% of your loan is forgiven by the SBA, leaving a remaining balance of your loan upon which payments are due. The date shown assumes, for illustration purposes only, that Comerica receives payment from the SBA on the forgiven portion of your loan on the last day of SBA’s 90-day response period. If Comerica is paid sooner than this date, your first payment date on the unforgiven portion will be determined based on the date Comerica receives payment from the SBA and may be earlier than the date shown above. In addition, if the SBA takes longer than 90 days to provide its response, Comerica could be funded later than the date provided in the calculator. If Comerica receives payment from the SBA in the first half of a month (1st-15th), your first payment will be due the first day of the following month; if Comerica receives payment from SBA in the second half of a month (16th-last day), your first payment will be due the first day of the second-following month. The date shown above is for illustration purposes only; the terms of your PPP note governing your first payment date (as may have been amended by the PPP Flexibility Act of 2020) are determinative and shall control in the event of any inconsistency with the date shown above.
If you have not submitted a forgiveness application by the date that is 10 months from the end of your 24-week Covered Period, your deferral period will end and your first payment of principal and interest will be due on the first day of the following month.

PPP Loan Forgiveness FAQ

Note that much of the information below is taken directly from the SBA and/or the SBA Paycheck Protection Program Loan Forgiveness Application. The information posted here is solely for your convenience and is not intended to be, and should not be, considered comprehensive or definitive. Consult the SBA PPP website and U.S. Department of the Treasury website for information related to loan forgiveness and the PPP program. Guidance and rules directly from the SBA and/or the U.S. Treasury will supersede any information below or in any FAQ posted here, to the extent of any conflict.

Applying for Loan Forgiveness

How will I apply for loan forgiveness?

Quick Start Guide(PDF, 500KB)

Which SBA PPP loan forgiveness application should I use?

For borrowers with loans of $150,000 and less, use the 3508S form.

For borrowers with loans greater than $150,000, use the 3508EZ form, if you are eligible. It requires fewer calculations and less documentation for eligible borrowers, which are defined as:

- Those who are self-employed

- OR those who did not reduce the salaries or wages of their employees by more than 25%, and did not reduce their number of employees

- OR those who experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%

For all other borrowers, use the 3508 form.

For more information and updates, visit SBA.gov or U.S. Department of Treasury website.

What should I do to prepare for my loan forgiveness request?

Review the appropriate SBA PPP loan forgiveness application. Allow yourself ample time and effort to prepare; we encourage you to download the appropriate application and use it to organize your information.

Reference the appropriate SBA instructions and guidance about calculating your requested forgiveness amount, documenting your eligible business costs, determining impact of FTE reduction and more. If applicable, complete the PPP Schedule A Worksheet (pages 4-5 in the full application form) and ensure the accuracy of the data that you will provide in your online application.

Review the PPP Loan Forgiveness: Required Documentation guide(PDF, 500KB)(PDF, 184 KB) we have created to familiarize yourself with the types of documents you will need to provide during the loan forgiveness process.

We also recommend you consult with an accounting professional for specific questions about documenting your eligible expenses, as well as review your PPP loan documents with any legal or financial advisors who may support you. Legislative developments may cause SBA program guidelines to evolve, so be sure to stay informed by visiting SBA.gov or the U.S. Department of the Treasury website.

The SBA loan number is needed for the application.

What documents do I need to include when I apply for forgiveness? (This is not applicable for 3508S applications, which do not require supporting documents.)*

Review the PPP Loan Forgiveness: Required Documentation guide(PDF, 500KB)(PDF, 184 KB) we created to familiarize yourself with the types of documents you will need to provide during the loan forgiveness process. We recommend you consult with an accounting professional for specific questions about documenting your eligible expenses, as well as review your PPP loan documents with any legal or financial advisors who may support you. You should also review the SBA PPP loan forgiveness applications.

Please continue to check SBA.gov and Treasury.gov sites for the latest information.

*This is not applicable for 3508S applications, which do not require supporting documents with the exception of the revenue reduction documents covered in below questions.

How do I calculate FTEs in the context of PPP loan forgiveness?

Please refer to the definitions of FTE and Average FTE on the instructions for the SBA PPP loan forgiveness applications. Please continue to check SBA.gov and Treasury.gov sites for the latest information.

Can Comerica Bank calculate my loan forgiveness amount for me?

No. Per SBA guidance, providing an accurate calculation of the loan forgiveness amount is the responsibility of the borrower. Lenders are expected to perform a good-faith review, in a reasonable time, of the borrower’s calculations and supporting documents. If the lender identifies errors in the borrower’s calculation or material lack of substantiation in the borrower’s supporting documents, the lender should work with the borrower to remedy the issue.

Legislative developments may cause SBA program guidelines to evolve, so be sure to stay informed by visiting SBA.gov or the U.S. Department of the Treasury website. We also recommend you consult with an accounting professional for specific questions about documenting your eligible expenses, as well as review your PPP loan documents with any legal or financial advisors who may support you.

Can Comerica make a change or update to my forgiveness application if I request it?

We are not able to make changes to your application for you. Once you submit your application, we cannot guarantee that you will have the ability to make changes, so we encourage you to confirm your application is complete and accurate prior to submitting. If you would like to make changes to your application after submitting it, you may initiate a request to reopen your application via email to PPP@comerica.com, but we cannot provide assurances that we will be able to do so in all cases. If your application is able to be reopened, you will need to make the desired changes, upload any additional documents that are required as a result of the change, and recertify your updated application in a timely manner so that your application can be processed within our 60-day review period.

What loan numbers will I need and how do I find them?

The application process requires the SBA Loan Number and the Lender PPP Loan Number.

Please contact your assigned Relationship Manager, Banking Center Manager or the Comerica Contact Center at 800.266.3742, Monday through Friday from 8 a.m. to 9 p.m. ET.

If Comerica has questions related to my forgiveness application or its attachments, does that reset the 60-day review window?

The SBA requires that we complete our review process within 60 days of the date you originally submitted your application to us. Failure to resolve open issues with your application in a timely manner so that we may complete our review during this 60-day window could result in your application being Approved in Partial or Declined, as questions do not extend the review window.

If Comerica has submitted my forgiveness application to the SBA, can I consider it approved?

No. Although Comerica may submit your forgiveness application to the SBA, Comerica makes no determination as to whether you will be entitled to forgiveness; that decision rests solely with the SBA

How long will it take to process my application?

Once you have submitted a complete application, SBA guidelines provide lenders with 60 days to review and process the application prior to sending it to the SBA for approval. Once an application is submitted to the SBA, the SBA has an additional 90 days to review the application before making a decision.

To gain a better understanding of timing for the forgiveness process, leverage our loan forgiveness timeline calculator to input your information. The information provided by the calculator relies on the dates and responses provided by you and is for illustration purposes for your convenience only. Comerica makes no representations or warranties as to the accuracy of the dates shown, and we encourage you to refer to your loan documents and the SBA PPP website for the authoritative terms, provisions and rules governing your PPP loan.

Potential Reductions in Loan Forgiveness

Will my forgiveness amount be reduced for cases where a borrower laid off or reduced hours of an employee, then offered to rehire the same employee for the same salary and same number of hours or restore reduction in hours, and the employee rejected the offer?

Please refer to the definition of FTE Reduction Exceptions on the instructions for the SBA PPP loan forgiveness applications. Please continue to check SBA.gov and Treasury.gov sites for the latest information.

Will my loan forgiveness amount be reduced for employees who were fired for cause, voluntarily resigned or requested a schedule reduction?

Please refer to the definition of FTE Reduction Exceptions on the SBA PPP loan forgiveness applications. Please continue to check SBA.gov and Treasury.gov sites for the latest information.

What if I wasn't able to rehire my employees until partway through my loan forgiveness period?

Second Draw Loan Specific Information

If you are submitting a forgiveness application for your Second Draw PPP Loan, you may not be required to submit revenue reduction documentation. The SBA recently implemented a COVID Revenue Reduction Score (Interim Final Rule regarding COVID Revenue Reduction Score) that allows some Second Draw PPP borrowers with loans $150,000 or less to not have to submit revenue reduction documentation. If you had already submitted the documentation at loan origination and input the quarterly revenue figures in your application you will not be required to provide it again when applying for forgiveness. You must use all First Draw PPP loan amounts on eligible expenses prior to disbursement of the Second Draw PPP Loan.

What documentation do I need to provide to corroborate that my entity sustained at least a 25 percent reduction in gross receipts?

Please refer to our PPP Loan Forgiveness: Required Documentation guide(PDF, 500KB) and the SBA’s document on the subject.(PDF, 500KB)

General

How and when can I get an official PPP loan payoff document?

Customers whose PPP loans have been forgiven will receive an email notice with a copy of their SBA payment confirmation letter.

Customers whose PPP loans have been paid in full will receive an email notice with a copy of their stamped paid note.

Can I pay back part or all of my loan sooner than the note maturity?

Yes. Please contact your assigned Relationship Manager, Banking Center Manager or the Comerica Contact Center at 800.266.3742, Monday through Friday from 8 a.m. to 9 p.m. ET.

Can the SBA still audit my loan after they’ve approved my loan’s forgiveness?

According to the “Documents that Each Borrower Must Maintain but is Not Required to Submit” section of the SBA’s PPP Forgiveness Application Instructions, “The Borrower must retain all such documentation in its files for six years after the date the loan is forgiven or repaid in full, and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request.”

How do I change the authorized representative email address on file for my PPP loan?

Please contact your assigned Relationship Manager, Banking Center Manager or the Comerica Contact Center at 800.266.3742, Monday through Friday from 8 a.m. to 9 p.m. ET.

What should I do if I suspect fraud related to my PPP loan?

If you experience a situation where you suspect fraud related to your PPP loan, please report it to both Comerica and the SBA Office of the Inspector General using the contact information below.

Comerica

Email: ReportFraud@comerica.com

Telephone: 877.881.8955

SBA Office of the Inspector General

Online Submission Form

Email: oighotline@sba.gov

Telephone: 800.767.0385

How do I send a secure email through the Comerica Bank Secure Message Center?

Please reference the links below for assistance in sending an encrypted and secure email through the Comerica Bank Secure Message Center.

Sending and Retrieving Secure Email(PDF, 500KB)

Secure Email FAQs(PDF, 500KB)

Technical Details for Comerica Secure Email(PDF, 500KB)

Is Comerica participating in the SBA direct forgiveness program?

Comerica is not participating in the SBA direct forgiveness program at this time. Comerica PPP clients may apply for forgiveness by email

Qualifying for Loan Forgiveness

Is PPP loan forgiveness automatic?

No. You must request and apply for forgiveness.

Can I request loan forgiveness from Comerica Bank for an SBA PPP loan?

Yes. If you received a PPP loan through Comerica, you must request forgiveness by emailing PPP@comerica.com.

Will accrued interest on the forgiven amount on a PPP loan also be forgiven?

If some or all of the PPP loan is ultimately forgiven, the SBA will pay the interest that has accrued with respect to the forgiven amount. Accrued interest on any unforgiven balance remaining will be included in your payments that will become due at the end of the deferral period.

Who is authorized to apply for PPP loan forgiveness?

When it comes time to apply, the application for PPP loan forgiveness must be completed, certified and signed by an Authorized Representative of the borrower.

An Authorized Representative is a person who has the power and authority to apply for and sign the PPP loan forgiveness application and other document(s) required for PPP loan forgiveness on behalf of the borrower; and who is authorized to sign and to make certifications for and on behalf of the borrower and on behalf of each owner of 20% or more of the borrower’s equity.

When does the covered period begin for spending so that it may be eligible for loan forgiveness?

The Covered Period begins on the date the loan was originally disbursed. It ends on a date selected by the Borrower that is at least 8 weeks following the date of loan disbursement and not more than 24 weeks after the date of loan disbursement.

Please refer to the definition of Covered Period on the instructions for the SBA PPP loan forgiveness applications. Please continue to check SBA.gov and Treasury.gov sites for the latest information.

When do I need to use the loan proceeds to be eligible for forgiveness?

Please refer to the definitions of Eligible Payroll Costs and Eligible Nonpayroll Costs on the instructions for SBA PPP loan forgiveness applications. Please continue to check SBA.gov and Treasury.gov sites for the latest information.

If I spent my loan funds within the covered period, could I receive forgiveness on both the loan amount and the interest?

Yes, for the portion that meets all the SBA rules and if the SBA approves your request for loan forgiveness.

Can I apply for loan forgiveness if I did not use all of my loan funds during the covered period?

You may be able to apply for partial forgiveness if you did not use all of your loan proceeds for eligible expenses during the Covered Period, if you meet all SBA rules and if the SBA approves your request for loan forgiveness for that amount. Please refer to the definitions of Eligible Payroll Costs and Eligible Nonpayroll Costs on instructions for the SBA Paycheck Protection Program loan forgiveness application. Please continue to check SBA.gov and Treasury.gov sites for the latest information.

What spending might qualify for forgiveness?

Please refer to the definitions of Eligible Payroll Costs and Eligible Nonpayroll Costs on the instructions for the SBA PPP loan forgiveness applications. Please continue to check SBA.gov and Treasury.gov sites for the latest information.

Do mortgage principal and prepayments qualify for forgiveness?

Please refer to the definition of Eligible Nonpayroll Costs on the instructions for the SBA's PPP loan forgiveness application. Please continue to check SBA.gov and Treasury.gov sites for the latest information.

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