PPP Loan Forgiveness
Peoples Bank is excited and ready to help you begin the PPP Loan Forgiveness phase. We have created a new secure portal to complete this step. This intuitive site will walk you through each step of the process.
You can access this site directly by clicking the button below. When you navigate this site, you will register using your email address. You will need your business tax identification number and the dollar amount of the PPP loan you received.
Should you wait or go ahead and apply now?
As you know, the “covered period” has been extended to 24 weeks for the use of payroll and other eligible business costs. We are still waiting to receive guidelines from SBA on the specific requirements. However, here are our suggestions so you can begin to move forward.
- If you have NOT yet spent 100% of your loan funds on eligible expenses, you may want to take advantage of the extension. Once you apply for the forgiveness, you are not eligible to increase the amount.
- If you HAVE spent enough on payroll and other covered expenses to qualify for 100% forgiveness prior to the 24-week period being completed, you may go ahead and apply for forgiveness at that point.
- If your loan was under $150,000, we recommend waiting on the requirements from SBA. There is current legislation being proposed that might eliminate the need for documentation all together for loans under this amount.
- If your loan was over $150,000, and you have your documentation ready, you can begin the application process through the secure portal listed above.
Once you apply, we will review your application and supporting documentation to submit to SBA as soon as they allow. You may be contacted by a representative of the bank by phone or email for additional information. If you have any questions, please feel free to contact your local loan officer.
Our recommendation is, if your loan is over $150,000, and you have spent enough on eligible expenses already, you can begin the forgiveness phase through our link above. Either way, the timeframe extension makes this no rush at all for you to complete.