The latest and greatest on PPP Loan Forgiveness.
We hope all of you, your staff and your families are safe and well. Here is the latest Paycheck Protection Program update.
The PPP Loan Forgiveness process continues to move forward.
The good news is that the Small Business Administration (SBA) is doing a pretty good job moving the process along. About one quarter of our PPP loans have been approved and funded to date. One issue our borrowers have experienced is the reduction of forgiveness amounts for Economic Injury Disaster Loan (EIDL) advances taken out directly through the SBA. These amounts may be converted into 1% loans with SBW or paid back at the time of Forgiveness. We are happy to work with you to better understand the process, so give us a call if you have questions.
Beginning the PPP Loan Forgiveness process.
If you have not yet begun the PPP Loan Forgiveness process, we encourage you to get started.
Please call or email Andrew Richardson (603-355-1614; firstname.lastname@example.org) or Amy Lehr (603-355-1650; email@example.com) and one of them will help you begin the process. To make the process as easy as possible for you, SBW will provide you with a digital Forgiveness Application that’s been pre-populated with your loan information.
SBA release of PPP borrower information.
On December 1, 2020, in response to a court order brought on by media organizations, the SBA released public data about PPP borrowers — including borrower names, addresses, loan amounts and lending institutions.
We want to assure you that as your bank, we did not and would not disclose your data. Our commitment to protecting your privacy is important to us, and we follow all applicable laws and regulations.
We have heard of cases outside of our area where third party businesses are using the SBA-released data to market themselves to PPP borrowers. Some may refer to our bank since we were part of the data release. Please know we have no involvement in these actions and do not have a relationship or endorse any of these businesses.
We will always communicate directly with you about your PPP Loan. Don’t hesitate to contact us directly if you have any questions about your PPP Loan or relationship with Savings Bank of Walpole.
As your local bank, we are proud to have helped you with your the PPP Loan, and we will continue to keep you updated. Once again, please feel free to contact Andrew, or Amy with any questions you may have.
On behalf of all of us here at Savings Bank of Walpole, we wish you, your staff and your family a safe and happy holiday season.
Senior Vice President/ Senior Lender