SBA Paycheck Protection Program Loan Forgiveness
We are honored to have assisted thousands of businesses with Paycheck Protection Program (PPP) loan funding over the last several weeks.
The SBA has recently released initial forms and guidance for PPP borrowers in regards to loan forgiveness. However, we know that there are considerable revisions being considered at this time that may provide borrowers with more flexibility in using the PPP loan funds. Because of uncertainty with changes to the PPP program, we are not presently accepting applications for loan forgiveness. We will update this site when we are ready to accept loan forgiveness applications.
In the meantime, please remember these key aspects of the program:
- Funding for loan forgiveness is fully reserved;
- No payments are due for 6 months;
- Interest on the PPP loan is also forgivable;
- Review the changes to Loan Forgiveness in the Flexbility Act
Resources
What can I do now?
Keep track of and organize supporting documents for eligible expenses during the twenty-four week period. Having this information well-organized will help make the loan forgiveness process easier. Review the
SBA Loan Forgiveness Application and instructions, along with lists of required documentation.
If you have questions or need assistance, please email us at business@bangor.com or contact your lender.
Other helpful resources: