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Paycheck Protection Program Top Forgiveness Questions

Can I manually submit my Forgiveness application?

All Forgiveness applications must be submitted through the portal.


When will the Forgiveness portal become available?

It is currently available. If you have not received your email invitation, please reach out to our Customer Information Center at: 508.732.3826.


When do I need to submit my Forgiveness application?

All payments of interest and principal are deferred until the First Payment Date. The “First Payment Date” is the date that is thirty (30) days after the date on which the amount of forgiveness of the Loan (if any), as determined under section 1106 of the CARES Act (Pub. L. 116-136), is remitted by the SBA to Lender, or that Lender is notified by the SBA that after application, no amount of the Loan is forgiven. Lender will notify Borrower of the forgiveness amount remitted (if any), the date said forgiveness amount (if any) is remitted to Lender, or that the SBA determined not to remit any forgiveness, the remaining principal balance and any accrued unpaid interest, and the amount of Borrower’s first payment.  If Borrower fails to apply for forgiveness of this Loan within ten (10) months after the last day of the “Covered Period”, the First Payment Date shall be thirty (30) days after the day that is ten (10) months after the last day of such Covered Period. The term “Covered Period” means the period beginning on the date of this Note, and ending the earlier of: (A) the date that is twenty-four (24) weeks after the date of this Note; or (B) December 31, 2020.

Because the SBA can take up to 90 days to review and approve an application, we recommend submitting your Forgiveness application no later than eleven months after your loan disbursement date. However, we recommend clarifying with your CPA on the timing that would work best for your particular tax situation.


Am I still held to FTE Standards after I apply for Forgiveness?

When you have submitted a completed Forgiveness application and we have processed it, you are no longer bound to the FTE restrictions. The Covered Period ends when the borrower successfully applies for Forgiveness. You may submit a Loan Forgiveness Application before the end of the 8-week or 24-week Covered Period, provided that you have used all of the loan proceeds for which you are requesting Forgiveness and your Loan Forgiveness Application accounts for any salary reductions in excess of 25% for the full Covered Period.


I need to decrease my FTE counts and I have already met my Covered Period requirements.

You can apply for Forgiveness which will waive your FTE requirements moving forward. Please reach out to your relationship manager to for more information.


How do I document my payroll for Forgiveness?

We have created a Payroll Summary Workbook to help you document your payroll for Forgiveness. This will help you when asked to account for your employees during your Covered Period.

What is the timeline for PPP Forgiveness?

PPP SBA Arrow Chart

How do I calculate my PPP Forgiveness?

PPP Forgiveness Calculation Overview

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