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  • PPP Loan Forgiveness Information

    We are grateful to be working with you on your PPP loan, and our goal is to make the loan forgiveness process as easy as possible for you. We know how important it will be for you to have as much of your loan forgiven as possible, and we are working hard to put in place an online solution that will help you through the whole process. We will email you when the solution is ready for you to use, and we will continue to update this page with the latest information. In the meantime, please know that we are committed to being here for you every step of the way.

    Here are the latest updates related to PPP loan forgiveness guidance:

    On July 23rd, the SBA announced that they will begin to accept PPP forgiveness applications on August 10, 2020. Please note that this date may change in the event there are new legislative amendments to the forgiveness process. Hang tight for now - you do not need to fill out and submit a forgiveness application on your own. You will receive an email from us when our online solution is ready for you to use.

    On June 22nd, the SBA and Treasury released new guidance, which you can familiarize yourself with here.

    On June 17th, the SBA and Treasury provided revised and simplified Forgiveness Applications and instructions, which can be found at the following links:

    PPP Loan Forgiveness Application Form 3508 EZ | 3508 EZ Instructions

    PPP Loan Forgiveness Application Form | 3508 3508 Instructions

    Upon completion of the required PPP loan forgiveness application, the SBA also indicated that Independent Contractors and Sole Proprietors, without payroll employees, will be able to have their PPP loans forgiven in their entirety. While we encourage you to review the application forms and instructions linked above, please do not fill out an application yet - we are working hard to put in place an online solution that will help you through the whole process.

    On June 5th, the Paycheck Protection Program Flexibility Act, H.R. 7010, was signed. The passage of H.R. 7010 has positive implications for all PPP borrowers. The SBA and Treasury Department released an interim final rule to reflect the changes H.R. 7010 made to the program. The changes include:

    • Confirmation that borrowers who use less than 60% of their PPP loan amount for payroll costs during the forgiveness covered period will still be eligible for partial loan forgiveness.
    • Extension of the end date of the “covered period” for a PPP loan from June 30, 2020 to Dec. 31, 2020.
    • Provides for a five-year maturity for loans made on or after June 5, 2020, and provides an option for loans made prior to that date to extend maturity from two years to five years at the mutual agreement of the borrower and lender.
    • Extension of the loan forgiveness period from eight weeks to 24 weeks. (For loans made prior to June 5, 2020, borrowers may opt to keep the forgiveness period at eight weeks.)

    While we wait for specific guidance and procedures from the SBA on the forgiveness process, here are a number of things you can and should be doing to prepare yourself:

    Document. Document. Document.

    Be sure to maintain a paper trail showing how your PPP money is being used, and keep in mind that based on the new rules, you now have 24 weeks from the day you receive funding to use the money your PPP loan provided. Be sure to keep documents, such as:

    • Copies of all checks (including those written to yourself);
    • Copies of all bills (utilities, rental or lease agreements, etc.);
    • Documents on payments made for eligible mortgage, lease, and utility obligations; and
    • Payroll documentation, including documents that verify the number of full-time equivalent employees and their rate of pay.

    Avoid Owing Money

    The amount you owe may increase if you reduce employee headcount or compensation, or fail to re-hire employees and restore their compensation levels. Refer to the Treasury’s Borrower Information Sheet for details.

    Stay Informed

    The U.S. Chamber of Commerce continues to update their Small Business Guide and Checklist, which provides a lot of information about how forgiveness works.

    Visit the Treasury’s Frequently Asked Questions page here.

    Come back to this page often for the latest information. We’ll be updating it regularly as we receive guidance on how the process will work, and we are committed to being here for you to work through this together.

    NOTE: The information provided on this page does not, and is not intended to, constitute legal advice. The content of this page is provided for general informational purposes only. We encourage you to consult with your professional financial and legal advisors for guidance.

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