Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) is a federal loan program through the U.S. Small Business Administration (SBA) aimed at helping small businesses who have been impacted by Coronavirus retain their workforce. If you received funding through the PPP, you may be eligible for loan forgiveness.
Paycheck Protection Program (PPP) Loan Forgiveness
Potential forgiveness will be determined by how funds were used for payroll costs, interest on mortgages, rent, and utilities. At least 60% of the forgiven amount must have been used for payroll.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease as compared to original PPP Loan Application.
The PPP Loan Forgiveness Application Process
- Determine which application to fill out and submit to your Business Banker.
What To Expect With The Application Process
- You will need to certify and document the PPP funds were used for forgiveness eligible expenses.
- You will deliver your completed forgiveness application to your Business Banker. Upload Application and Documentation through our Secure Email.
- Your Business Banker will review your application and if complete and clear up questions, if any.
- Your Business Banker will submit your loan forgiveness application to the SBA within 60 days of receiving application.
- The SBA will review your loan forgiveness application to determine the amount of your loan to be forgiven. Time anticipated for the review process is 90 days.
- Your Business Banker will inform you when the forgivneness proceeds have been received.
- Coulee Bank will begin accepting forgiveness applications on Monday, August 10, 2020.
Regularly visit the SBA website
for guidance and the most current updates.
If you have any additional questions, please contact your Business Banker