As mentioned in our previous communication, the Banks forgiveness application portal opening on Monday, August 10th was contingent upon the SBA’s platform ready and outstanding PPP legislative issues being resolved. Based on communication with the SBA this week, it is unlikely that their platform will be ready to accept applications on Monday, August 10th. Therefore we are delaying the opening of the Banks portal for submissions until August 17th to provide an additional week for the SBA to finalize their system and provide additional guidance regarding forgiveness submissions.
Additionally, the SBA has communicated that additional delays may be experienced should the legislation currently being debated in Congress be approved. The legislation is regarding establishment of a loan amount threshold whereby borrowers may only be required to submit a single page attestation form for forgiveness. While still under debate, this legislation has significant support within Congress and could positively impact many PPP borrowers if approved. The current threshold under evaluation for this forgiveness revision are PPP loans of less than $150,000.
It has been recommended that since the mentioned legislation is focused on loans of less than $150,000 that the bank will initiate our invitations to apply for forgiveness with loans exceeding $150,000. Barring any further delays, the bank intends to initiate acceptance of forgiveness applications for loans greater than $150,000 the week of August 17th.
When we are prepared to accept your forgiveness application, borrowers will be contacted directly by one of our Commercial Loan Officers and emailed an invitation to our portal containing a username and temporary password.
We will continue to closely monitor this situation and provide updates as information becomes available.
Robert A. Vernick
Senior Vice President
Chief Lending & Bus. Dev. Officer