Paycheck Protection Program Loan Forgiveness FAQs
I have an existing SBA PPP Loan. Are there changes to the SBA PPP Loan Forgiveness regulations that might affect my Forgiveness Application?
Possibly. New guidelines and processes for PPP Loan Forgiveness rules were included in the Consolidated Appropriations Act. The SBA has not published the final rules and regulations pertaining to Forgiveness. (It may be several weeks or more before the SBA publishes these changes). The changes may result in a simpler Forgiveness process for you/your company.
I have already started/submitted an Application for Forgiveness of my SBA PPP Loan. Should I make a new Forgiveness Application?
If your Application for Forgiveness has been Transmitted to the SBA you can make no changes and your application will be processed as is, whether your Application has been approved and Forgiveness payment has been made or your Application for Forgiveness is still pending with the SBA.
If you have not completed an Application for Forgiveness you may wait until the new regulations are published. If the new regulations result in a simplified Application for Forgiveness process for you/your company you may request the Bank delete your current Application and then may start a new one under the new guidelines. AFTER reviewing the new guidelines when published by the SBA you may request the Bank delete your current Application by emailing the Bank at [email protected] with “Delete Application” in the email subject line.
Where can I find out more information regarding the SPA PPP Loan Program?
You can find more details regarding the SBA PPP Loan Program on the SBA website (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program) or the US Treasury website (www.treasury.gov/CARES). Specific information regarding aspects of the Program are contained in the documents referenced below (available on the SBA website):
- Further information at: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-9
How can I apply for PPP Loan Forgiveness through Dedham Savings?
Dedham Savings provides a simple, online means of applying for a PPP Loan via a link on our website (www.dedhamsavings.com) to a secure Portal where existing Dedham Savings customers current SBA PPP Loan may begin and complete an Application for Forgiveness. The Portal will allow for upload by customers of all required supporting information to be submitted to the SBA with the Application. All documentation will be securely emailed to customers for signature and returned to the Bank the same way.
Can I apply for Forgiveness of an SBA PPP Loan through Dedham Savings in person, via email or via phone?
NO. Dedham Savings will only be accepting SBA PPP Loan Forgiveness Applications via the secure Portal.
How will I complete the PPP Loan Application Form?
The SBA Application Form will be completed by the customer/applicant within the Portal. When completed the Form will be submitted to Dedham Savings for review and then securely emailed to the customer for signature. Once the Application is digitally signed by the customer/applicant the Form will be securely returned to the Bank and will then be submitted to the SBA for their Approval.
What information and documents will I need to complete an SBA PPP Loan Forgiveness Application through the Dedham Savings Portal?
While the SBA Forgiveness Application requirements vary based on variables such as loan amount, organizational type and other factors the following list should provide a good idea of the information and documents needed.
- Scan of document(s) confirming payroll
- Scan of document(s) confirming payroll related costs or expenses
- Scan of document(s) confirming loan interest paid
- Scan of document(s) confirming rent paid
- Scan of document(s) confirming Quarterly Payroll tax
- Scan of document(s) confirming FTE
- Scan of document(s) confirming use of PPP funds
- Scan of bank statement(s)
- Scan of photo ID for authorized signer
Note: this list is not all inclusive and may not apply to every Application
How can I contact the Bank regarding the SBA PPP Loan Program?
The best way to contact the Bank is by emailing [email protected]. If you call the Bank you will be referred to this email. You may also visit www.dedhamsavings.com and follow the links for the PPP Program. On our PPP page you will a link to sign up for emails regarding the PPP Loan program and other helpful information and links.
Why is Dedham Savings directing Customers to use email as the best form of communication?
There are a number of reasons why contacting the Bank via the email address [email protected] is recommended. First, not all Bank personnel are working on the PPP program or have received the same level of training as members of the Bank’s PPP Team. Inquires made in person, by phone, or other email are referred to the [email protected] email address for response. Second, using the email address allows the Bank to respond to inquiries in the order they have been received, providing fair and equitable service to all of the Bank’s customers. Third, due to the nature of the PPP program, there are times when the high volume of customer inquiries makes responding to each inquiry immediately difficult.
Once I have started a Forgiveness Application in the Portal how will the Bank communicate with me?
Communication from the Bank (including secure messages containing documents to be signed) will come from secure email embedded within the Portal. To ensure you receive these emails you may wish to add the following to your “whitelist” of approved email addresses or to your Contacts: [email protected] and [email protected]. You should also “register” in the portal by creating a username (typically your email address) and password so that you may log in to the portal at anytime to see the status of your PPP Loan Forgiveness Application.
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