Payment Protection Program (PPP)

Information on Loan Forgiveness

Updated: 7/1/2020

We’re committed to bringing you the latest information on the SBA’s PPP and how it could impact you. We’ll continue to update this page as Congress makes decisions and the SBA issues further guidance regarding this program.

Program Updates & Changes

You now have the option to take either 8 or 24 covered weeks to use the money you received in the loan. You must use at least 60% of the loan proceeds toward payroll protection; originally, Congress set the limit at 75%.

However, if you fall below using 60% for payroll costs, you won’t remain eligible for loan forgiveness.

 

Applying for Loan Forgiveness

You have up to 10 months after your covered period ends to seek forgiveness.

We’re working on getting a loan forgiveness process in place, and when we’re ready to start accepting loan forgiveness applications we’ll be in touch through email.

We’ll have you apply through a website where you’ll learn about the required documents to be submitted with the application. Through this website you’ll securely provide information and upload the required documentation, and you'll be able to return after submitting your application to see where it is in the process.

Documentation Required

You can prepare by using SBA Form 3508, the Loan Forgiveness Application Instructions for Borrowers, as guide to gather all the required documentation.

Download SBA Form 3508 download icon

 

Questions?

Please contact a business captain with questions or concerns you may have.

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