Dear Valued PPP Client,
I hope you and your families are doing well during this time. As our society continues to navigate through the pandemic, address social unrest and prepare for a Presidential election season, we continue to monitor the Paycheck Protection Program (PPP) Loan Forgiveness status from the SBA.
Its been enjoyable to work with you through the PPP loan process, and we look forward to continuing to work together for your other banking needs. It’s truly been a privilege – thank you. But now, let’s talk about getting forgiveness put in place for your PPP loan.
Beginning Tuesday, September 22, 2020 and only for PPP loans greater than $150,000, we will begin accepting PPP Loan Forgiveness requests IF you have determined you have satisfied your covered period. Please do not apply for forgiveness until you are ready. As a reminder, you can select the alternative covered period, which will give you a period of up to 24 weeks after your loan date, provided it does not extend beyond December 31, 2020. Click here for more details regarding the forgiveness rules, including the alternate covered period.
If you believe you are ready to begin the forgiveness process,
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Review and familiarize yourself with the paper applications by clicking here.(note: we will ONLY accept your request through the web portal as detailed in #4. The paper application is only for reference sake.)
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Collect and organize needed documents which can be found in the FAQ.
- Once you have collected all your documents, insure they are electronic format for uploading to the online portal.
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Click www.bsbcares.com to begin completing the on-line forgiveness request, including uploading of the required documentation.
Once you have submitted the application, we will notify you within 48 business hours that we have received it and are reviewing it. We will submit your request to the SBA within 3 weeks, following our review. Should our review of your request determine an error or if we arrive at a different forgivable amount, we will contact you before submitting the request to the SBA.
Once the request has been submitted to the SBA, it may take up to 90 days before the SBA responds. When the SBA responds and provides the amount of forgiveness, the amount will be applied to your principal and interest balances. If the amount approved is for 100% forgiveness, the money will be applied against the principal and interest owed and your loan will be closed, paid-in-full. If the forgiveness was for a partial amount, the partial forgiveness will be applied against principal and interest as directed by the SBA and you will repay the remaining balance in accordance with terms of the original loan agreement.
Our goal remains to work with you to obtain the maximum forgiveness for your PPP loan while making the process as seamless as possible. We have greatly appreciated the opportunity to work with you during this time – many of you for the first time – and we look forward to working with you more as we emerge from the pandemic together and stronger.
As always, please feel free to contact your loan officer or myself directly with any questions or to discuss how we can better assist your banking needs.
Sincerely,
