SBA PPP Forgiveness

PPP Loan Forgiveness UPDATE!

09/22/2020 4:30pm

Good News!

In light of changes to the Paycheck Protection Program (PPP) implemented by the PPP Flexibility Act of 2020, we are extending the due date of the first payment on your PPP loan.

Accordingly, your first payment is not due until four months after the date shown on your promissory note. Monthly payments will continue from that point forward for any unforgiven amount.

  • For PPP loans greater than $150,000, we encourage you to apply for forgiveness as soon as possible after the funds are exhausted.
  • For PPP loans of $150,000 or less, we remain hopeful that Congress will pass a measure that will greatly simplify the forgiveness process

The four-month extension should allow time for that to occur.


08/14/2020 3:14pm

How do I apply for forgiveness?

  • If your loan is under $150,000, please wait; due to pending legislation that could simplify this process* We will contact you when the bill passes
  • If your loan is over $150,000
    • See if you qualify for the EZ Form here and then fill out the Form 3508EZ
    • If you don't qualify for the EZ Form, fill out the Form 3508
  • Contact your lender when you are ready to submit your application with supporting documentation**

If you have further questions, see the SBA's website for FAQ’s and more details

*For more information regarding the bill currently in congress, please visit www.congress.gov.

**Pending SBA Approval, some additional documents may be required. (It is the Government, after all)

 

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