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Paycheck Protection Program Forgiveness

Posted in: COVID-19 Updates

Paycheck Protection Program Forgiveness

PPP Forgiveness Newsletter

The PPP program has been vital for many businesses. Although there was much confusion, we have worked to get through the origination phase and are preparing to work through the forgiveness phase. However, every day, we get new directives from SBA and even new legislation from Congress.

Today we are sharing the most recent rules, understanding that may change again tomorrow. The good news is the Paycheck Protection Flexibility Act passed last week that could help most of our borrowers achieve 100% forgiveness. The biggest change is allowing borrowers to opt to a 24-week covered period versus the 8-week period. We have had some customers calculate that with an 8-week period that would not be able to get more than 80% of the loan forgiven. With this flexibility, the majority of customers should achieve nearly 100% forgiveness.

So, we are still waiting for new rules and new applications for forgiveness to come out. You will receive an email with a link to our website portal to upload all the forgiveness information shortly. The website is very intuitive and will lead you through all the steps. There will be instructional videos, and, of course, your favorite bankers if you have other questions.

Make sure that your payroll information will be available as well as documents for health and retirement expenses. As long as your bookkeeping system is up to date, the rest should be easy as well. The system will require you to have your loan number and loan amount as part of the multi-factor authentication. You will also be able to add authorized users to the site in case you have other people in the organization that will fill out the paperwork. As always, we are here to serve you and are committed to providing tools and resources to help you be successful.

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