PPP Loan Resource Tools
The Payment Protection Program (PPP) loans have been a vital piece of assistance for many small businesses; especially with the forgiveness that loan proceeds may qualify for. Adams Bank is working diligently to provide guidance to customers seeking forgiveness of their First Draw PPP loan and application information for new First Draw or Second Draw PPP Loans.
PPP Loan Forgiveness Application
Important takeaways for Loan Forgiveness:
- You will need to submit the applicable Loan Forgiveness Application and supporting documentation to the bank within 10 months of the end of your covered period. PPP Forgiveness Application. Current PPP forgiveness applications, instructions, and guidelines can be found at sba.gov/ppp.
- Record keeping is important. Required documentation to be submitted with the application for forgiveness is listed on the last page of each formâ€™s instructions. Please note the bank may request the optional documentation if it deems necessary.
- The bank has 60 days to review the forgiveness app once we receive it, and submit to the SBA.
- The SBA has 90 days to grant forgiveness once they receive the forgiveness app from us. SBA will pay all accrued interest on the forgiven amount.
- Borrowers may be required to retain PPP documents in their files for several years after the date the loan is forgiven.
PPP Forgiveness Calculator
For borrowers required to use the forgiveness application SBA Form 3508, below is a spreadsheet document that will help calculate a potential forgiven dollar amount for your PPP loan. While this is not an official determination, we hope you find it helpful to anticipate what amount might be eligible for forgiveness.Download PPP Forgiveness Calculator
NOTICE: THIS CALCULATOR IS NOT LEGAL ADVICE OR A LEGAL INTERPRETATION OF THE CARES ACT, SBA INTERIM FINAL RULES, REGULATIONS OR OTHER FEDERAL GUIDANCE. IT IS FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. ADAMS BANK & TRUST FULLY EXPECTS SBA TO PROVIDE FORGIVENSS GUIDANCE, WHICH COULD MATERIALLY IMPACT THE CALCULATIONS PRESENT IN THIS DOCUMENT. LEGAL INTERPRETATION SHOULD BE PROVIDED BY AN ATTORNEY OR ACCOUNTANT.
At some point during the week of January 11, 2021, Adams Bank believes it will be able to start submitting applications for new First Draw and Second Draw PPP Loans. Borrower applications for new First Draw PPP loans (SBA Form 2483) and Second Draw PPP loans (SBA Form 2483-SD), as well as new eligibility rules can be located on sba.gov/ppp.
A Summary of Required Supporting Document Information can be found at secure.abtbank.com/ppp.
Up-to-date official guidance is available at sba.gov/ppp.
For questions on the forgiveness process or the documents provided above, please contact your Adams Bank & Trust Lender.