PPP Forgiveness Information
We know you have questions regarding PPP loan forgiveness. We are here to help.
Answering Your Questions on PPP Loan Forgiveness
You may have seen reports that the SBA PPP Forgiveness platform opened to banks on August 10. However, there is still a great deal of optimism that a streamlined application and process will be introduced for loans less than $150,000. In order to serve you best, we believe PPP customers should wait to apply for forgiveness until final guidance is provided from the SBA.
What You Need to Know
Borrowers will not be required to make payments for at least 12 months from the PPP loan origination date, as long as the borrower submits its loan forgiveness application within 10 months of the completion of the covered period.
In order to serve our clients' best and provide adequate service to all PPP borrowers, we are inviting small groups of borrowers in regularly scheduled intervals to apply for forgiveness. We will be reaching out to you via email and loan officer outreach.
The initial review is expected to take approximately 2-3 weeks from the time that we receive your forgiveness application and all supporting documentation. Please note that the SBA has 90 days to respond once the bank submits your application.
SBA Available Tools
Click here(Opens in a new Window) for the SBA newly released FAQ, dated October 13, 2020.
SBA Application Links
Download the SBA 3508EZ loan application here(Opens in a new Window).. . Download the instructions here(Opens in a new Window).
Which PPP Application Should You Use?
- Bank account statements or third-party payroll service provider reports
- Payroll tax forms (typically, Form 941) and state quarterly business and individual employee wage reporting
- Statements documenting the amount of any employer contributions to employee health insurance and retirement plans included in the forgiveness amount
- The average number of full-time equivalent employees on payroll employed on January 1, 2020 and at the end of the covered period
Non-payroll Documentation, from Feb 2020 through 1 month after the end of the covered period
- Business mortgage interest payments
- Business rent or lease payments
- Business utility payments
Please reach out to our PPP Forgiveness team at PPPforgiveness@bankofbartlett.com(Opens in a new Window).
Experience the Difference at Bank of Bartlett
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