Information on PPP Loan Forgiveness
UPDATE October 9, 2020 | Forgiveness Applications Ready
Applications for forgiveness that correspond with the Flexibility Act have been released. There are three versions depending on the borrowers' situation. We are ready to accept applications when the time is right for you to apply.
Borrowers have the option of using the original 8-week covered period or an extended 24-week covered period. You will need to wait until the end of the covered period to apply for forgiveness.
UPDATE July 8, 2020 | Information Released by SBA
The Small Business Administration and Treasury Department announced that they released certain information about PPP borrowers. The decision and release of the data was a result of actions from Congress, the SBA and Treasury, which oversee, administer, and are responsible for the PPP implementation, terms and conditions. The agencies have noted that the PPP borrower applications disclose that this information could become public.
For loans of $150,000 or more, the data released by the agencies includes business names, addresses, NAICS codes, ZIP codes, business type, demographic data, non-profit information, jobs supported, lender name, and dollar ranges for loan amounts.
For loans below $150,000, the agencies did not release business names but did report loan totals aggregated by ZIP code, by industry, by business type, and by various demographic categories.
Which Application Should You Use?
1. The 3508S application requires fewer calculations and less documentation for borrowers who:
- Received less than $150,000 in PPP funds
2. The EZ application requires fewer calculations and less documentation for eligible borrowers who:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.
What Needs To Be Provided Along With The Application?
Both application types will need to provide documentation (for payroll and non-payroll expenses) to Community Bank along with the appropriate Forgiveness Application. Please read the Instructions For Borrowers carefully and gather all required documentation.
What Is The Process For Sending In Application Packets?
You may scan/email completed documents to your lending contact at the bank, or contact them to set up an appointment to turn in your application packet.
NOTE: The SBA PPP Loan Number can be found on the original SBA Authorization that was provided to you. If you are having trouble locating this number, please connect with your lending contact.