Paycheck Protection Program Loan Forgiveness

July 17, 2020

 

The SBA Paycheck Protection Program (PPP) has helped Small Businesses, like yours, keep their workforce employed during the COVID-19 crisis. The SBA will forgive loans if all employee retention guidelines are met, and the funds are used for eligible expenses. Please refer to https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses and consult with your accountant for guidance. Another good resource is https://bench.co/blog/operations/ppp-loan-forgiveness/.

 

The covered period for your PPP loan began on the day your loan was funded and ends 24 weeks after. If you have already exhausted your funds on payroll and other eligible expenses, you may elect to apply for forgiveness prior to the end of your 24 weeks.

 

You will be receiving an email from ESFSCMConfigurator@Fiserv.com inviting you to The First National Bank’s secure online portal to complete the forgiveness application and upload supporting documents. If you are ready to begin the forgiveness process, start by following the link from the next email you receive from Fiserv.com. Please note, the business name you login with must exactly match the name on your original PPP loan documents. Although the SBA is not yet ready to accept applications, your application and supporting documents will remain secure in the portal until transmission to the SBA is allowed. At that time, The First National Bank will transmit your application to the SBA. The SBA has 90 days to make a decision on each PPP forgiveness application. You will receive notice of the SBA’s decision through the portal. You are welcome to check the portal from time-to-time for the status of your forgiveness application.

 

All applications for forgiveness must be completed and processed through the bank’s secure online portal.  If this is not feasible for you and your business, please contact a member of our PPP team for support at 215-579-3409, or email us at PPPQuestions@fnbn.com.

 

The Paycheck Protection Program has experienced many changes since its first passage and the bank’s communications have always been based on what we know at the moment.  While questions remain about some of the forgiveness details, we will continue to keep you posted on the evolving process. For example, proposed new legislation, the Paycheck Protection Small Business Forgiveness Act would forgive PPP loans of $150,000 or less if the borrower submits a one-page attestation form to the bank. If this ACT passes, it may eliminate the complicated forgiveness application and the process of providing the supporting documentation.

 

Thank you for your continued patience as we navigate this process.

 

P.S. Please be aware of PPP scams. Do not respond to any email or phone inquiries unless you are certain the inquiry is coming from the bank or directly from this email, ESFSCMConfigurator@Fiserv.com.