PPP Loan Forgiveness

Update 1/19/21: The Small Business Administration (SBA), in consultation with the Treasury Department, has recently released additional guidance and updated forgiveness forgiveness applications for the Paycheck Protection Program (PPP). This page will continue to be updated with the latest information available.
 

All three PPP forgiveness applications are listed below along with newly released Interim Final Rule. If you have questions about which application is best for you, please reach out to your commercial lender.



Have an Economic Injury Disaster Loan (EIDL)? 
Economic Injury Disaster Loans (EIDL) Update 1/8/21: The SBA released a notice effective immediately regarding the repeal of the EIDL Advance deduction requirement. The SBA will no longer deduct EIDL Advances from forgiveness payments remitted to PPP lenders. This change will be applied to SBA forgiveness payments with a status of “Payment Confirmed” dated December 29, 2020 or later.

If you had a loan where the SBA remitted a forgiveness payment to a PPP lender that was reduced by an EIDL Advance, the SBA will automatically remit a reconciliation payment to the PPP lender for the previously-deducted EIDL Advance amount, plus interest through the remittance date. If you received and EIDL loan, we encourage you to review the notice below directly from the SBA.



Additional resources for your small business:
  

U.S. Small Business Administration Website
Learn more about PPP loan details and forgiveness.

Visit the SBA(Opens in a new Window)



U.S. Department of the Treasury Website

A resource to learn more about assistance that is available for small businesses.




Thank you for being a customer of Skowhegan Savings. We are grateful for the opportunity to serve you and are here to help you in anyway we can along the way. Visit our COVID-19 Resource Center to stay up to date on our response.