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Federal Stimulus Updates

 
The SBA has begun accepting PPP forgiveness applications from banks. If you received a PPP loan from Pentucket Bank, please read below for information on submitting your PPP forgiveness application.
 
Newly updated guidance has been released by the SBA regarding the PPP Forgiveness process. If you're a borrower with loans up to $50,000 please CLICK HERE as this may pertain to you.
 
For some quick tips to help you navigate the the PPP Forgiveness process CLICK HERE.
PPP Forgiveness
You can submit for forgiveness of your PPP loan using one of three SBA applications (3508S, EZ or Standard). To help determine which application you should use based on your business's individual circumstances CLICK HERE.
 
If you already know which application process you will be following, please download the corresponding materials to use as a guide as you gather all necessary documentation:
 
 PPP Forgiveness FAQs
 
SBA  3508S Forgiveness
 
SBA EZ PPP Forgiveness
 
SBA Standard PPP Forgiveness
*Important Note for Non-Profits: Recipients of federal and state grants should be aware that grant contracts typically prohibit the use of multiple funding sources for the same cost. As such, your level of PPP forgiveness may be impacted if grants were utilized to support expenses that were also eligible for payment with PPP loan proceeds. If this applies to your organization, we strongly recommend that you consult with your accountant to determine the proper allocation of any grants and the best approach for calculating costs eligible for forgiveness. This will help prevent you from jeopardizing important funding sources for your organization.
 
In addition to consulting your accountant or attorney, other outside resources are available to assist you with completing your application and the related calculations. These tools may be particularly helpful for borrowers required to use the standard application form. One such example is the AICPA’s loan forgiveness calculator.
*Note: These tools rely on certain interpretations of the SBA’s guidance and Pentucket Bank has not validated their assumptions.
 
If you have fully used your PPP funds during the covered "spend" period, reviewed the above items, and gathered the required documents, click below to begin the submission of your PPP forgiveness application.
 
 
Questions?
Please contact your Loan Officer or email ppp@pentucketbank.com.

 


PPP Forgiveness  - Loans Up To $50,000

Newly updated guidance has been released by the SBA regarding the PPP Forgiveness process.  A new application is available for borrowers with loans up to $50,000 (so long as the total amount of PPP loans to all affiliates totals less than $2 million).
 
Guidance to borrowers who have already applied:
  • If you have already sent a forgiveness application for a loan up to $50,000 and we have notified you that we are processing it: You do not need to do anything. Your application is being reviewed and we will follow-up if we need any more information. 
 
  • If you have already sent a forgiveness application for a loan up to $50,000 and we have notified you that we need more information: You can decide to complete the 3508S application instead. This will simplify your application process. Please notify us of your intent to do so and we will update our records.

PPP Forgiveness Quick Tips

When should I apply for loan forgiveness?
You can apply as soon as you have used all of the loan proceeds for which you are requesting forgiveness. Typically this means that you have had payroll and/or other qualifying expenses that total or exceed your loan amount. Remember that all borrowers now have the option to use a 24-week covered period. This is an option that was added to the original 8-week qualifying period.
 
What is the advantage to using more than an 8 week qualifying period, if I can use non-payroll costs and payroll to qualify for full forgiveness?
Documentation for payroll expenses is the simplest documentation type. If, by using a longer covered period of payroll, you can cover the full loan amount based on payroll expenses alone, it will simplify your application process and minimize your documentation requirements. You can potentially qualify for full forgiveness based solely on wage expenses by using up to the full 24 weeks.
 
What if I need to use more than 8 weeks, but less than 24 weeks to qualify?
That’s fine. Any period between 8 weeks and 24 weeks is allowed.
 
Are any borrowers eligible for automatic forgiveness?
There is currently no automatic forgiveness available and the Bank is unaware of any imminent legislation that would provide it. Borrowers must submit an application in order to request forgiveness of their PPP loan. So, we suggest you apply once you have qualifying expenses for full forgiveness. We will communicate with you if any further changes are released.
 
How do I apply for forgiveness?
Visit our online forgiveness portal which will help you determine which application you need to complete, provide a list of required documentation, and guide you through the process of uploading information for our review.
 
Please refer to our FAQs document if you have additional questions. You may also reach out to your loan officer or email ppp@pentucketbank.com

SBA Economic Injury Disaster Loan (EIDL)

Notice to EIDL Applicants:
If you have an EIDL application in process, please contact the SBA directly as this is not a program managed by Pentucket Bank.