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Sorry, we are no longer accepting Paycheck Protection Program loan applications.
PLEASE DO NOT SEND US YOUR LOAN FORGIVENESS APPLICATION YET.
On October 8, 2020, The SBA and U.S Treasury released a simpler forgiveness application for PPP loans of $50,000 or less (Form 3508S). This new application simplifies documentation requirements and removes some calculation requirements.
We are currently making updates to our online PPP Loan Forgiveness Portal to provide eligible borrowers the new simpler Form 3508S application, while also continuing to monitor other potential legislative activity that could simplify the Loan Forgiveness process for all borrowers. If your loan amount is $50,000 or less, and total PPP loans to you
and your affiliates is $2,000,000 or less
, you may want to familiarize yourself with the new requirements of the Form 3508S on the U.S. Treasury website.
As previously indicated, in the coming weeks, we will be emailing clients inviting them to begin the Loan Forgiveness process by completing our online electronic Loan Forgiveness application. Please continue to check this page for updates.
As a reminder, “The PPP Flexibility Act”, which was signed on June 5, 2020, provides an extended loan payment deferral timeline. Under these revisions, as long as we receive your Loan Forgiveness application within 10 months after the end of your loan forgiveness covered period you will not have to make any payments of principal or interest on your loan before the date on which SBA remits the loan forgiveness amount on your loan to us (or notifies us that no loan forgiveness is allowed). For more information on the PPP Flexibility Act, please visit the U.S. Treasury website.
Now is a great time to prepare all of your documents and information that will be needed for the Loan Forgiveness Application process.
Please be aware that this or other PPP information provided is for your convenience, only. While the information provided is intended to be accurate it should not be construed as legal or financial advice. Consult your preferred tax, legal or financial advisor and the SBA’s and U.S. Treasury’s PPP site for details particular to your financial situation.
Below is a summary of the PPP Loan Forgiveness Application process that you will need to follow, and information on the documents you will need. The below are not complete definitions or representations of the PPP Forgiveness rules.
On August 4, the SBA issued an updated Frequently Asked Questions (FAQs) aimed at helping borrowers navigate maximum loan forgiveness. We recommend you review this information as you prepare your Forgiveness Application material.
The information above is based on the Bank’s interpretation of laws, rules, regulations, and guidance provided by the SBA and U.S. Department of Treasury regarding the Paycheck Protection Program at the time this page was authored. While the information provided is intended to be accurate it should not be considered and is NOT INTENDED TO BE FINANCIAL OR LEGAL ADVICE. This page and its content may be updated periodically if there are changes to the Program. However, the Program is rapidly evolving and the Bank cannot be held responsible for any errors or omissions as a result of this. Please consult the SBA’s and U.S. Treasury’s websites for updated information. In the event of any discrepancies between the information on this site and the SBA’s or U.S. Treasury’s site, please follow official SBA or U.S. Treasury guidance.
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