COVID-19 information and branch updates
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, we are able to release our PPP forgiveness software starting July 31, 2020!

Prior to July 31, you will receive an email with a link and instructions to help you get started. The software includes helpful instructional videos that will walk you through the process. We strongly suggest you take advantage of these instructional videos to make the process easier.

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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