As your partner, we want to guide you through the PPP loan forgiveness process
You may apply at any time starting on August 3. In determining when to apply, be sure you have used all of your PPP loan proceeds for forgivable expenses (you have up to 24 weeks to do so) and make restorations to any reduction in employee compensation or employee numbers, if possible.
When you are ready to apply, contact your Banking Team to receive a DocuSign link to the application package. You will be asked to complete and sign the application form and upload supporting documentation in DocuSign.
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FAQ on Loan Forgiveness
On August 4, 2020, the SBA published guidance Frequently Asked Questions (FAQs) on PPP Loan Forgiveness.
The SBA clarifies several aspects of the PPP loan forgiveness process, including how to calculate certain payroll and nonpayroll costs as well as when to factor in certain reductions.
The guidance is organized into the following sections:
- General Loan Forgiveness FAQs
- Loan Forgiveness Payroll Costs FAQs
- Loan Forgiveness Nonpayroll Costs FAQs
- Loan Forgiveness Reductions FAQs
The full text of FAQs on PPP Loan Forgiveness can be accessed here.
The SBA continues to update its guidance and publish clarifying interim final rules. Please monitor for such updates here.
If you have any questions about this alert, please contact your Bank Leumi representative.
- Interim Final Rule on Loan Forgiveness
- Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
- Interim Final Rule on Revisions to First Interim Final Rule
- Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules
- Interim Final Rule on Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures