Last updated January 7, 2021
What do I need to do?
There is nothing you need to do at this time. You will receive an email from the application portal in the coming weeks detailing the return of your forgiveness application. We are waiting to receive final rules for the simplified forgiveness process from the SBA. Once we receive that information, we will provide you with the steps required to complete the simplified application.
When will the simplified forgiveness application be available?
The SBA has not released final rules for the new process at this time but the new legislation does impose a 24 calendar day timeframe for SBA to establish the new procedures and forms. Once we receive this information, we will notify you of the date when we plan to begin receiving simplified forgiveness applications.
Does this mean that my loan was not forgiven?
This means that we have not completed the review of your forgiveness application and are returning it to ensure you benefit from the new simplified process. You will apply for forgiveness using the simplified application once the SBA provides final rules for the new process. We will notify you when we can begin receiving simplified forgiveness applications.
Will this impact my ability to apply for a Second Draw loan?
No. Paycheck Protection Program Second Draw loans do not require your existing PPP loan to be forgiven. You may apply for a Second Draw loan when we begin accepting applications.
What should I do with the documentation I submitted with my forgiveness application?
Please continue to hold onto the documentation supporting your forgiveness application. While the SBA’s simplified process requires less documentation in the application process, borrowers will be required to retain some supporting documentation for auditing purposes. Some of the documentation you submitted may be included in those retention requirements.
Once the SBA releases final rules on the retention requirements we will share that information with you. If you have questions or concerns about the simplified application process or the return of your existing application for forgiveness, please contact your banker.
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