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Paycheck Protection Program

This page is a resource for businesses who received a PPP loan. We will update this page as new information becomes available. Check out our latest updates below.

5/21/2020

On 5/15/2020, the Small Business Administration and Treasury Department released the Paycheck Protection Program Loan Forgiveness Application and instructions. Those can be found at the link below.

Paycheck Protection Program Loan Forgiveness Application and instructions

The form and instructions include:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles.
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after borrowers received their PPP loan.
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
  • Statutory exemptions from loan forgiveness reduction based on rehiring by June 30.
  • The new exemption for borrowers whose good-faith, written offers to rehire workers were declined.

As of this time, the information surrounding specifics of the forgiveness application is limited. However, the SBA said it will soon issue regulations and guidance to help borrowers complete this application. Some important things to remember that we know now is:

  • This application is a requirement of the borrower to receive loan forgiveness
  • For guidance with this application, we recommend consulting with your CPA or Financial Advisor
  • There is no information yet on when this application will be due or who is should be turned in to.

SunMark Community Bank will continue to keep you informed of the latest updates on the PPP. Thank you for your continued patience during this time. We appreciate your support and we thank you for being a SunMark customer!