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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.

While we anticipate information and guidance regarding the forgiveness process and the necessary documentation for this benefit from the Small Business Administration (SBA), we understand the importance of being proactive for our customers during these times.


PPP Loan Forgiveness Application

Important takeaways for Loan Forgiveness:

  • You will need to submit the Loan Forgiveness Application and supporting documentation to the bank. PPP Forgiveness Application
  • Record keeping is important. Required documentation to be submitted with the application for forgiveness is listed on page 10 of the Forgiveness Application. 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. At this time SBA has not provided guidance on how to submit to it forgiveness applications approved by the bank.
  • 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 must retain PPP documents in their files for six years after the date the loan is forgiven.

Additional guidance may be obtained from SBA's Interim Final Rule on Forgiveness.

Paycheck Protection Program Flexibility Act Update

On June 6, 2020, the Paycheck Protection Program Flexibility Act was signed into law which provides PPP borrowers with more freedom and flexibility in how and when loan funds can be spent. Important takeaways from PPPFA for existing PPP borrowers are:

  • Borrowers can elect to extend the Covered Period from 8 to 24 weeks, or keep the original 8 week period.
  • The Act reduces the payroll cost portion of the qualified expenditures from 75% to 60% of the forgiven amount.
  • It extends the date to restore your workforce levels and wages to pre-COVID levels from June 30, 2020 to the earlier of the end of your 24 week period or December 31, 2020.
  • If necessary for the Borrower, the flexibility of the lender to extend maturity up to five years.
  • If you would like to read the PPPFA in its entirety, it is attached via hyperlink at the bottom of the page.
PPP Forgiveness Calculator

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.

Up-to-date official guidance is available at the U.S. Department of the Treasury's website: SBA PPP Information

Paycheck Protection Flexibility Act (PPFA): https://www.congress.gov/116/bills/hr7010/BILLS-116hr7010enr.xml

For questions on the forgiveness process or the documents provided above, please contact your Adams Bank & Trust Lender.




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