Updated March 31, 2021
Updates from the Small Business Administration (SBA) on the
Forgiveness process have been added to our online portal, including the
application for loans of $150,000 or less and Schedule C applicants.
Online Forgiveness Portal
Our online portal is now open! We will notify our PPP borrowers directly via email about next steps. We know you may be anxious to get started but 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.