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PPP Forgiveness

Updated August 27, 2020

The Paycheck Protection Program (PPP) loan forgiveness process is still evolving, but we are here for you every step of the way.

Online Forgiveness Portal Next Steps

Our bank's forgiveness portal is still in development and you should hear more from us in the coming weeks. Once ready, our portal will streamline the process by keeping all of your documentation together. Our goal is to make this an efficient process that you can feel confident about. In the meantime, we appreciate your patience.

We continue to monitor the latest developments from the Small Business Administration (SBA). If Congress steps in, forgiveness could become simpler. While you may be anxious to get started, you have at least until the end of 2020 to file.

As soon as our online portal is ready to take applications, we will provide you with a detailed email to get started.

PPP Flexibility Act

While the Small Business Administration has released its PPP forgiveness application, please be aware of the following changes recently signed into law under the Paycheck Protection Program Flexibility Act:

  • Forgiveness period increased to 24 weeks (originally 8 weeks). This means you have more time to use your PPP funds.
  • Minimum amount that must be spent on payroll decreased to 60% (originally 75%). This means you can spend up to 40% on non-payroll costs, such as rent, utilities and mortgage interest.
  • Loan maturity increased to 5 years (originally 2 years). This spreads the unforgiven loan amount over a longer time period.
  • Deferral period has been extended. This means payments are not required until loan forgiveness has been determined.


The SBA has released the PPP Loan Forgiveness Application for borrowers to complete.

The SBA also recently issued a new EZ Forgiveness Application for borrowers who:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25 percent, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25 percent

As we await more guidance from the SBA regarding the forgiveness process, please review the applications and begin to gather documentation. We also recommend reviewing with your accountant. We will continue to provide updates as we review the guidance and streamline our process to assist with PPP Loan Forgiveness.

We encourage you to refer to your accountant or lawyer for specific information related to your business and the tracking of your PPP funds. Your contact at the bank will continue to be the relationship manager who helped you apply for your PPP loan.

We are creating an online forgiveness portal where you will be able to submit your application and upload your required documentation. We will send another email with more details. 

To best serve you, please contact your relationship manager who helped you secure the loan. Reach out to that person directly by phone or email or call our main number to be transferred to your relationship manager.