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PPP Loan Forgiveness Update

PPP Important Payment Information

October 25, 2020 Update
For all customers, EXCEPT Schedule C and F Filers with no employees - please click the PPP Loan Forgiveness Portal link below for updated details.
PPP Loan Forgiveness Portal

 

October 2020 - Informational updates and guidance regarding the status of the PPP loan forgiveness, particularly if your loan is less than $150,000, are provided below. Please reach out to your lender with specific questions or for additional assistance.

Schedule C and F Filers with No Employees 

Click here for PPP Loan Forgiveness Application Form 3508S Instructions 

Click here for PPP Loan Forgiveness Application Form 3508S

  1. If your loan is in excess of $150,000 you should apply now using the portal link provided back in July. In case you can't find the link, it is available at: https://sba-ui.fiservapps.com/smb-login-forgiveness IMPORTANT NOTE: we have discovered the best browser to use for accessing the portal is Chrome so please use this when accessing the portal.  You also need to make sure you enter your company name exactly as it was on the application and enter your EIN or SSN with no hyphens.  If you still have trouble accessing the portal let us know.
  1. For loans less than $150,000, we continue to be informed that there is agreement in Congress to further simplify the application process, but this is not likely to happen until they agree on the next stimulus package. At this point it’s difficult to see how this gets done until after the election. If you want to get the process completed you certainly can go ahead and complete the application now and we will review and submit it. If you want to continue to wait until Congress makes this decision, there is no problem with waiting.
  1. Schedule C and F filers only – Since you do not have employees and your forgiveness application is much simpler we do not want you to use the portal for the forgiveness application. We encourage you to continue to wait for a modified application process, however if you want to apply now, please let your loan officer know and we will process your application directly with SBA versus using the portal.
  1. PAYMENTS – For the vast majority of you, monthly payments are scheduled to begin in November and December. DO NOT WORRY ABOUT STARTING THESE PAYMENTS.  We will be sending payment Modification Agreements out to defer these payments to the end of the revised deferment period, which is your measurement period plus 10 months. This will allow plenty of time for SBA to review and act on the forgiveness applications. You should start seeing these Modification Agreements for you to Esign in the next few weeks from your lender. There is no fee to complete this deferment.
  1. What measurement period can you use? – If your loan was disbursed prior to June 5, you have the option to use either the 8 week period or the 24 week period. If your loans was disbursed after June 5 you have to us the 24 week period. If you complete your application using the 8 week period and you are not getting 100% forgiveness, you can change your application to the 24 week measurement period. You do not have to wait until the end of the 24 week period to complete your application. If your application is correct and you calculate 100% forgiveness, SBA will repay the full amount of principal and all accrued interest.  The only exception to this is if you do not qualify for 100% forgiveness.
  1. Document uploads – For most of you this is not an issue, but there is a size limit for document uploads. SBA cannot handle anything over 15mg. You also need to upload your documents as either PDF or Excel documents. Other formats will work, but these work the best. Make sure you include all the document uploads required or SBA will not accept the application. Document upload requirements are listed in Knowledge Center link or on the application instructions.
  1. Sign the application – Please double check and make sure you Esign the forgiveness application. There have been a few coming through where this gets missed.
  1. Questions – If you have questions while completing your application, click on the Knowledge Center link. This is a searchable library of FAQ’s and other information that will help answer your questions. If you can’t find what you are looking for, please contact your Ag/Commercial lender or Shane Tiernan, GNB Director of Lending.
     

    Thank you for your patience with this process. We know there has been, and will continue to be, some frustrations with this program, but as your financial partner we are committed to help you get through this process. 

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