The Paycheck Protection Program Loan Forgiveness process is finally moving forward. (Maybe.)
Well, there hasn’t been much news regarding the PPP Loan Forgiveness process since last month’s announcement of the 3508EZ form. However, the Small Business Administration recently announced their intention to begin taking Forgiveness Applications on August 10.
Of course, they noted that “this is subject to extension if any new legislative amendments to the Forgiveness process necessitate changes to the system.”
Although it may further delay the Forgiveness process, Congress continues to show its interest in making the process simpler – especially for lower-dollar PPP loans. Senate Bill S. 4177 and a companion House Bill H.R.7777 (text not yet published) would provide for Automatic Forgiveness of PPP Loans of $150,000 or less. This would cover 85% of PPP Loans nationally, and a similar percentage of PPP Loans closed by SBW. We have heard the Cares 2.0 Act includes a simplified forgiveness component, although no specific details have emerged. You may wish to contact members of our Congressional delegation to voice your support for simplifying forgiveness for smaller PPP Loans.
Anyway, stay tuned in the next week or so.
We will be back in touch with you shortly if the PPP Loan Forgiveness process moves forward as planned on August 10. We’ll have a digital Forgiveness Application tool to help you navigate the process once you are ready.
At Savings Bank of Walpole, we remain committed to communicating with you on a timely basis. Our point person for the PPP forgiveness process is Andrew Richardson, Vice President, Commercial Loan Officer. If you have questions, please feel free to call Andrew at 603-355-1614, or send him an email.
Senior Vice President/ Senior Lender