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The SBA, in conjunction with the Treasury Department, has issued new guidance allowing for a streamlined loan forgiveness process.
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As soon as we receive better guidance regarding loans over $50,000, we will be in touch with those clients.ġ0/19/20 Update: SBA and Treasury Announce Simpler Forgiveness for Loans $50,000 and Less Payment Deferral Period Clarification If you have not yet received your application link, you should shortly, or you may contact your Amboy lender. Update: Amboy has begun sending forgiveness applications via email to those who received less than $50,000.
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The SBA has yet to determine the program rules, but at a minimum, the rules makes the SBA PPP available to businesses with 300 or fewer employees, that saw a 25% or greater revenue drop in 2020 compared to 2019, and that have used the full amount of their first-draw PPP loan. Clients who participated in the first round are eligible for this second round of funding. New Loans: A new round of PPP will be opening shortly. When that is released, we will begin sending invitations to the forgiveness application. Soon, a simpler process requiring just a one page application will be required for loans less than $150,000. With the passage and signing of the most recent stimulus, new rules on SBA PPP forgiveness and a new round of loan funding has been approved.įorgiveness: We have put on hold the processing of inviting clients to apply for forgiveness on loans less than $50,000. Update: Forgiveness Applications and New Round of PPP
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Second Draw Loans: How to Calculate Maximum Loan Amount, and Documentation Needed.
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First Draw Loans: How to Calculate Maximum Loan Amount, and Documentation Needed.Here is additional information that may be useful to you: The SBA has yet to determine the final program rules, but at a minimum, the rules makes the SBA PPP available to businesses with 300 or fewer employees, that saw a 25% or greater revenue drop in 2020 compared to 2019, and that have used the full amount of their first-draw PPP loan. Please contact your branch manager for more information.Ī new round of PPP has begun. We are not accepting online PPP requests at this time.