Last Updated: 6/5/2020
On June 5, the Paycheck Protection Program Flexibility Act was signed to provide greater flexibility for PPP borrowers. We will update you as new information is available, and encourage you to regularly check the U.S. Department of the Treasury’s website for information.
If you have secured Federal Paycheck Protection Program (PPP) loan funding with the Small Business Administration (SBA) through Eastern Bank, you may be wondering what's next and what to know about your PPP loan forgiveness application.
On May 15, 2020, the SBA released the loan forgiveness application with some instructions, and announced it will soon issue additional information. We will let you know when we begin to accept loan forgiveness applications digitally through our online portal. We are not accepting loan forgiveness applications at this time. In the meantime, we encourage you to visit this resource page regularly for information on what you can do to prepare for PPP loan forgiveness and updates.
6 Points To Remember About The SBA's PPP Loan Forgiveness Application
Here are 6 points to know now about PPP loan forgiveness, as per the SBA’s application and related worksheets announced on May 15th:
Keep in mind, these are just a few points to consider, but are by no means all the steps you may need to take to qualify for PPP loan forgiveness. Finally, as a PPP lender, Eastern Bank can’t offer an opinion on whether the loan of any particular borrower qualifies for forgiveness.
Additional Resources: Start Planning For Loan Forgiveness
If your business has received a PPP loan, you’ll need to meet specific requirements in order to have your loan forgiven. We expect regular updates from the SBA and will provide new information on this page as it becomes available.
PPP Loans: Are you prepared for forgiveness?
If you have received an SBA Paycheck Protection Program loan, the next step is to consider and prepare for forgiveness of your loan. SBA forgiveness is not automatic. You’ll need to apply, and there are a number of strict requirements.
Keep in mind, these are a few preparations your small business may want to consider, but they are by no means all the factors you may need to take into account to qualify for PPP loan forgiveness. Finally, as a PPP lender, Eastern Bank can’t offer an opinion on whether the loan of any particular borrower qualifies for forgiveness.
Best Practices on the Path To Forgiveness
Check here regularly for other best practices that may be added as the SBA announces new guidance around forgiveness. Preparing for forgiveness now and staying informed on the path ahead will help keep your business on course to apply for forgiveness.
The information provided is intended for informational use only and is subject to change.