Please be advised that the Bank expects to start accepting applications for PPP loan forgiveness beginning the week of August 31, 2020. If you have expended all of your original PPP loan funds, you should be gathering the documentation that will be needed to support your forgiveness application; when that task is complete, you will be ready to submit.
Please note that the deadline for submission does not occur until 10 months after the end of your covered spending period. Therefore, you should not feel rushed to move ahead until you have all of the information you need to fully support the application.
We have created an electronic forgiveness application that will allow you to securely enter payroll information and upload supporting documentation. When you are ready to apply, please email us at MVSBCommercialCredit@mvsb.com using the subject line “PPP Loan Forgiveness Application”.
- Important notice for Borrowers with loans less than or equal to $150,000: legislation is currently being considered by the U.S. House and Senate that proposes to drastically simplify the forgiveness process for smaller loans. If passed, the legislation would allow PPP loans of $150,000 or less to be forgiven with a one-page attestation, eliminating complicated calculations and large volumes of supporting documentation. There seems to be consensus that relief is coming, but the timing is uncertain. We believe that borrowers with loans less than or equal to $150,000 might be well served to delay sending their application for forgiveness until the legislation has been decided. However, if you still wish to move ahead with the process without waiting for the potential relief, we certainly respect your decision and would accept your application under current guidelines.
If you have general questions about the PPP loan forgiveness rules, we recommend you review the program guidance on the Small Business Administration (SBA) website. The SBA has made it clear that once an application is submitted through their portal it cannot be changed, so it is essential that it is done correctly the first time.
We sincerely appreciate your patience as we navigate the complexities of PPP loan forgiveness together. We know that our local businesses are the heart of our communities and we continue to be committed to your success and well-being. If you have any questions, please contact your loan officer.
