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Paycheck Protection Program Loan

Home Business Paycheck Protection Program Loans

 

Paycheck Protection Program Loans

As you are aware, the regulatory guidance for the SBA's PPP loans is ever-changing. As the guidance evolves, our team works diligently to synthesis the changes and communicate them to you. Below is information regarding the forgiveness process and additional resources you may find helpful.

 

As of May 5, 2021 the SBA has announced that funding for the Payroll Protection Program has been exhausted. Newburyport Bank is now focusing on completing the Loan Forgiveness process for our customers.  Thank you for trusting Newburyport Bank with your Small Business Administration's (SBA) Paycheck Protection Program (PPP) loan. It is a privilege to serve you and to help your business navigate these unusual times.

 

Forgiveness Process FAQ

Who has to submit a loan forgiveness application?

 All PPP recipients, regardless of loan size, need to submit a loan forgiveness application.

What is the deadline to submit a loan forgiveness application?

 Applications can be submitted as soon as eight weeks after the PPP deposit is made. PPP recipients have between 8 and 24 weeks from the date of their deposit to incur eligible expenses. Then an additional ten months to complete their loan forgiveness paperwork. If the forgiveness application is not submitted by the end of the ten months, the borrower is required to start repaying the loan.

What type of application do I complete?

 There are three options: Form 3508, 3508EZ, or 3508S. All borrowers with loans of $150,000 or less should be completing Form 3508S. Borrowers with loans above $150,000 can check their eligibility within the online application.

What documents do I need to submit with my application?

 Documentation requirements differ depending on which application gets completed. Form 3508S requires no supporting documents to be submitted but still needs to be retained if the SBA or the Bank needs to verify what is reported. Complete documentation requirements for the other forms are outlined within the application.

What type of costs do I need to incur for loan forgiveness?

 At a minimum, payroll costs need to be included on the application to qualify for loan forgiveness. While there are other eligible types of expenses, including but not limited to: Rent, Utilities, Operational Costs, and Supplier Costs, you do not need to include these if your payroll costs result in total loan forgiveness.

If you have further questions, please email us at sbacentral@newburyportbank.com

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