Chatsworth

PPP Loan Forgiveness Information

Included at the bottom of this page are links to the PPP Loan Forgiveness Application and Instructions. You may download the fillable PPP Forgiveness forms (Form #'s 3508EZ and 3508). Only one application needs to be submitted along with the supporting documentation. Please read the instructions and complete the application that applies to your business. Once you have completed the application, please return the completed application along with the supporting documentation (this will more than likely be copies of cancelled checks, bank statements, payroll record, and tax records such as 941’s) to the Citizens Bank of Chatsworth (CBC), at one of the following:

  1. By mail or in person to 1710 E College Ave, Normal, IL 61761 or
  2. By mail or in person to 502 E Locust St, Chatsworth, IL 60921 or
  3. By Fax to 309-452-3708.

If you wish to send these records via email, please send a generic email to CBC at CBCLending@BankatCBC.com to request a “Secure” email. In this manner, you will reply to the CBC Lending email, attach your records; thereby, returning your confidential records in a safe and secure email to CBC Lending.

It is important to note that the government has made a couple of significant changes to the program since its inception. One being that the “covered period” has been extended from 8 weeks to 24 weeks. The other being the requirement of 75% of the proceeds be used for payroll reduced to 60%. These changes will ease the restrictions of the program. Additionally, we are waiting on Congress, the Treasury Department and SBA to decide if they will be forgiving all PPP loans under $150,000, utilizing a 1 page forgiveness form. While we await this decision, please work on organizing your documentation supporting the amounts to be forgiven.

Please understand that as of this writing, SBA is not yet accepting any applications for forgiveness until after August 10, 2020. However, the bank continues to monitor the process and would recommend that you submit your completed application along with the supporting documents as soon as your “covered period” has expired or the funds exhausted. This will allow us to submit the forgiveness applications in a timely manner. Please note that we have60 days to submit a forgiveness application recommendation to the SBA, and the SBA has 90 days to approve the forgiveness application.

If you have any questions, or if we may be of any assistance, please do not hesitate to contact CBC Lending at 309-452-3360 or 815-635-3134. Thank you for your business and allowing the Citizens Bank of Chatsworth to serve your needs during the COVID-19 pandemic.

Get started with your forgiveness form by completing Form 3508 or CBC Form 3508EZ. Please read over the Instructions and the FAQs before filling out the appropriate form.