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SBA Paycheck Protection Program
4,687 loans
TOTALING
$604,531,540
Over 65K
JOBS IMPACTED
71% of loans
to businesses with
less than 10 employees.
Average loan size was
$128,980
Median loan size was
$31,000
Paycheck Protection Program Loan Forgiveness Updates
As we continue to await final adjustments to the SBA’s forgiveness application, we are preparing to launch our online loan forgiveness application portal, including our forgiveness calculator, on Monday, July 6. This online portal has been designed to streamline and simplify the loan forgiveness application process by enabling you to digitally complete all required portions of the application. Our digital loan forgiveness application portal will include the following features (among others):
- The same username and password used to complete your original PPP application. (NOTE: For those who did not complete their PPP loan application through our digital portal, a temporary username and password will be provided to you for use when you first access the loan forgiveness application portal.)
- Selected prepopulated information in your application, including your SBA loan number and lender number.
- All required documents may be uploaded directly into the application portal.
- Loan forgiveness application progress tracking.
When the application portal is available and/or you are eligible to begin the application process, you will receive an email with a link directing you to the portal, along with additional instructions. We will not be accepting paper applications.
The SBA continues to publish important updated information about the Paycheck Protection Program and may issue additional guidance with respect to loan forgiveness. We recommend you refer to this information periodically. Click here to visit the Treasury website (to which SBA information is posted), including Frequently Asked Questions posted under Program Rules, as well as other resources. Loan forgiveness may be very complex for your business. Due to the complexity and evolving nature of PPP rules and guidance, we strongly advise you to seek guidance from your CPA, attorney, or other advisor on any complicated loan forgiveness questions.
For any other assistance, please reach out to your relationship manager or call us at 888-926-8250.
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