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Updates

Updated PPP Loan Forgiveness Information

The SBA released lender guidance for processing PPP forgiveness applications that will allow submissions beginning August 10, 2020. As a result, our PPP forgiveness software is now available!

PPP borrowers should have received an email with a link and instructions to get started. A resource page with video tutorials for the software, Treasury and SBA FAQs, and PPP program forms and rules can be accessed by clicking this link: 

https://www.web.abrigo.com/commencement-bank-ppp-forgiveness 

We strongly suggest you take advantage of the instructional videos to make the application process easier. To access the videos, click the link above and scroll to the section titled PPP Forgiveness Application Guide Videos.  An Applicant PPP Forgiveness Checklist can also be found by clicking the link above and scrolling down to the section titled Forgiveness FAQs and Checklists.

Please be aware that applications submitted to us prior to August 10 will be held until the SBA lender portal is open. Additionally, there may be changes to the guidance that will alter the application you submitted, which may require you to update information or provide additional documentation for processing.

For PPP borrowers with loan amounts of $150,000 or less, we strongly encourage you to not submit your forgiveness application until SBA issues further guidance. There is a push in Congress to approve a simple, one-page forgiveness application for PPP borrowers of $150,000 or less.

We will continue to update you with new information as it becomes available and are here to answer any questions you may have. Thank you for your patience.

This link provides a checklist of information borrowers can begin collecting to make the forgiveness process easier: 

https://www.commencementbank.com/media/dynamic/files/797_PPP_checklist_from_Abrigo_(1).pdf

 

For more information regarding this program, please visit:

U.S. Department of the Treasury

Small Business Administration

 

 

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