Updated February 16, 2021
Application submissions for the Paycheck Protection Program (PPP) loan forgiveness have been temporarily paused. We continue to monitor the latest developments from the SBA and we will keep you updated as we learn more.
Online Forgiveness Portal
As soon as the forgiveness process restarts, we will notify our PPP borrowers about next steps.
Additionally, the SBA has approved a streamlined forgiveness process for PPP loans less than $150,000, which will help many of our borrowers. We are adding that application to our online portal and will provide applicable borrowers with more information as it becomes available.
While you may be anxious to get started, forgiveness has been deferred to August 2021, so there is plenty of time.
PPP Flexibility Act
The Paycheck Protection Program Flexibility Act allows for:
- Forgiveness period increased to 24 weeks.
- Minimum amount that must be spent on payroll decreased to 60 percent. This means you can spend up to 40 percent on non-payroll costs, such as rent, utilities and mortgage interest.
- Loan maturity is up to 5 years.
Resources and Tips
We encourage you to refer to:
- Your accountant or lawyer for specific information related to your business and tracking your PPP funds.
- Payroll Calculations: Check with your payroll company for sample applications, calculators and payroll documentation data/reports.
- Check out the Paychex PPP forgiveness calculator.
If you have any questions or concerns, please reach out to your bank relationship manager that helped you apply for your PPP loan.