COVID-19: Paycheck Protection Program Forgiveness
Forgiveness of Existing PPP Loans
For our business clients who received Paycheck Protection Program (PPP) loan funding in amounts less than or equal to $150,000, you may now apply for forgiveness directly with the SBA through the SBA’s forgiveness portal. This portal is made available by the SBA to streamline forgiveness processing for PPP Borrowers.
You will be asked to set up an account with the SBA before starting your online PPP loan forgiveness application. Click the link below to access the SBA online portal to set up an account with the SBA and apply for PPP loan forgiveness.
For PPP loans in amounts greater than $150,000, a banker will contact you to assist with your forgiveness application.
If you are already working with a Commercial or Private Wealth Banker, contact your banker directly to process your PPP loan forgiveness application.
Below is helpful information as you prepare to submit your forgiveness application.
The “Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act” simplified the forgiveness process for PPP loans in amounts less than or equal to $150,000 and added more eligible forgiveness expenses, including certain property damage costs, supplier costs, and worker protection expenditures.
- Review this checklist to ensure you have all of the necessary documents
- Review the naming conventions
- Review these helpful tips before you begin your PPP loan forgiveness application
To help make sure important emails reach your e-mail inbox, please add our unmonitored sending addresses (email@example.com and firstname.lastname@example.org) to your email address book. Please be sure to periodically check your spam or junk folder for messages from us, as we cannot control the spam filtering policies of email service providers.
For additional information regarding the forgiveness of PPP loans visit: www.sba.gov
The foregoing is only a general summary, is not intended to be legal, tax, or business advice, and may be changed prior to enactment into law or by subsequent SBA regulation. Please consult your advisors to determine all matters of PPP loan forgiveness eligibility and requirements.