CARES Act- Assistance to Small Business
August 12, 2020
Message to our PPP loan customers
The SBA has finally opened their PPP Forgiveness portal while also providing a couple of documents with FAQs on the process. We hope these FAQs will answer most of your questions regarding forgiveness, particularly which documents you will need to provide in support of your request. Reading through these questions, it appears the forgiveness process may be more cumbersome than the application process turned out to be.
The bank’s online forgiveness application will go live this weekend; we will send a link next week. However, as we have mentioned before, for those loans below $150,000 both the House and the Senate have included a provision for a one page affirmation that the proceeds were used appropriately. This affirmation would be used in lieu of the current application. Given the documents required to go through the regular process, if (when) this change is approved the process will be considerably streamlined. Therefore we recommend waiting to see if this change is made into law.
As always, if you have any questions please contact your respective loan officer.
To learn more about the Paycheck Protection Program, access tools and FAQ's visit the U.S. Treasury.