Paycheck Protection Loan Forgiveness Information
Date: 9/11/2020Middlesex Savings Bank is committed to supporting you and helping you prepare for forgiveness of your SBA Paycheck Protection Program (PPP) loan.
We continue to monitor information from the Treasury, SBA, and Congress on the PPP forgiveness process. This includes legislative proposals that may introduce automatic forgiveness of loans, specifically for borrowers with loan amounts of $150,000 or less. We will post updates as they become available. For those who wish to actively apply for forgiveness, we expect to open a portal on this website in the near future.
When the portal is open, you (the borrower) will receive an email at the address you used to submit your original PPP loan application. We will also post updates to this site. You will receive emails regarding loan forgiveness from this address: ESFSCMConfigurator@Fiserv.com. In preparation, please add the address to your contacts list.
Again, we will email you and update this page with the latest information, instructions, and the link to the portal, when it becomes available.
Though we are not yet accepting applications, here’s what you need to know now:
- PPP loan forgiveness applications will be accepted via a new portal that will be posted here to our website in the near future. This is not the same portal you used to apply for the PPP loan. We will continue to update this page, as more information is available.
- Paper submissions will not be accepted.
- For your convenience, the new portal will be pre-populated with basic borrower and loan information, such as your SBA Account Number and Loan Account Number.
- The individual from your business who submits the loan forgiveness application must be the same person who submitted the original PPP loan application. Similarly, the Borrower Name must be exactly as submitted in the original PPP loan application.
- The SBA allows borrowers 24 weeks (168 calendar days) from the date of the loan disbursement to spend funds on payroll and eligible expenses. As long as the loan forgiveness application is submitted within 10 months of the end of the Covered Period, the borrower is not, as of August 4, 2020, required to make any payments until the forgiveness amount is remitted to the lender by SBA. If the loan is fully forgiven, the borrower is not responsible for any payments. If only a portion of the loan is forgiven, or if the forgiveness application is denied, any remaining balance due on the loan must be repaid by the borrower on or before the maturity date of the loan.
- You may review the SBA’s PPP Loan Forgiveness Application here and the EZ Loan Forgiveness Application here. Please note that these applications are subject to change with any revisions passed by Congress. The applications are for reference only. You will not be able to upload a completed application through the portal. You can gather the supporting documentation outlined in the applications and complete the applicable form on your own for practice purposes only.
- Loan forgiveness is available to all applicants who can demonstrate that the PPP funds were spent in accordance with the program. Please visit the SBA website and the Treasury’s website for additional information.
- The rules of this program and the ultimate decision as to whether your loan will be forgiven are determined by the SBA.
