PPP Loan Forgiveness Applications are now being accepted by SBW
Okay – as of August 31, we are now accepting PPP Loan Forgiveness Applications.
The long awaited forgiveness process for PPP loans has finally been given the green light by the Small Business Administration (SBA). This does not mean you must move forward at this time. Remember: You now have 24 weeks from your PPP loan funding date to spend the funds, so you are still in the allowable funding period. But if you’re ready, so are we.
Here at SBW, we have been in touch with other NH banks to see how the Forgiveness Application submission process is working so far, and we have some insights to build on.
For PPP loans of $150,000 or less. As we mentioned in an earlier update, there is legislation in both the House and Senate that would dramatically streamline the process, providing simplified forgiveness for PPP loans of $150,000 or less. As a result, most banks are not processing Forgiveness Applications for those loans in anticipation of further Congressional relief. At this point, we are unsure how the SBA will handle submitted Forgiveness Applications for loans of $150,000 or less if the legislation passes, so we encourage those of you with loans at this level to wait and see what happens in Congress. There seems to be a lot of bi-partisan support for the legislation. That said, if you are at this level, but still feel you would like to move forward at this time, please call Andrew Richardson at 603-355-1614, or Amy Lehr at 603-355-1650.
For PPP loans of more than $150,000. We are ready to move forward with the forgiveness process whenever you are ready. Please note the following:
- Preparation: We recommend you read through the Form 3508 and Form 3508EZ instructions to prepare yourself for the process. This will help you understand and gather the documentation that will be required.
Download the “regular” Form 3508.
Download the instructions for Form 3508.
Download the “streamlined” Form 3508EZ.
Download the instructions for Form 3508EZ.
- Next Step: Once you’ve read through the instructions for both forms, email Andrew Richardson or Amy Lehr and we will help you begin the process.
- Digital application: To make the process as easy as possible for you, SBW will provide you with a digital Forgiveness Application that has been pre-populated with your loan information. This application will guide you in determining if you are eligible to use the “streamlined” 3508EZ form.
If you are not yet ready to proceed, that’s fine. Just contact us when you are ready and we we’ll initiate the process with you. The deadline for filing your Forgiveness Application is 10 months from the end of your 24-week spending period. Don’t worry: If we haven’t heard from you, we’ll check in with you along the way.
We appreciate your patience as we navigate through this first-of-its-kind program together. Despite the bumps along the way, we truly hope your PPP Loan has helped you, your business/organization and your employees during this challenging time. As our community’s local bank, we are gratified to have been able to secure nearly $40 million for our local community through this program.
At Savings Bank of Walpole, we remain committed to communicating with you on a timely basis. If you have any questions or concerns, we encourage you to contact Andrew Richardson at 603-355-1614, or Amy Lehr at 603-355-1650.
Senior Vice President/ Senior Lender