Thank you so much for your patience, as we’ve worked to make this process accurate, comprehensive and as easy as possible for you.
While we are now accepting requests for the Paycheck Protection Program Electronic Forgiveness Application, please consider the following:
- Once we send you your application, it is available for 30 days. After 30 days, the application expires and any data entered is deleted from the portal (for data security reasons). We do not have access to expired application data. Please be sure to review the SBA data and supporting documentation requirements ahead of time, obtain and organize any employment reports for details such as hours and rate of pay, so you can complete the application within 30 days. Links to the SBA guidance are provided below.
- There’s a possibility that the forgiveness application may become a simpler certification for loans under $150,000. While we can’t guarantee this, the simplified application may be worth your wait. However, if you are ready to apply now, complete the request form and we’ll send you the current application.
- Data entry of employee level information for many employees is currently manual. An enhancement allowing for an easier way to upload employee level data is in development, and expected to be ready in October. We’ll post an update when this becomes available, as you may wish to wait to request your application until that time.
Please continue to be patient with us. We expect a heavy volume of forgiveness applications, so please be prepared for this process to take some time.
Click here to request a link to your forgiveness application.
A detailed email outlining the requirements was sent to every PPP customer on August 17th. Click here to read that email content.
We also recommend that you become familiar with the requirements on the Small Business Administration (SBA) website.
In addition to completing the forgiveness application, you will also need:
- Payroll documentation
- Full-time equivalent (FTE) documentation
- Non-payroll documentation
Not only will you need these documents to apply for forgiveness, the SBA requires you to retain them for six years after your loan is fully forgiven and/or repaid, and that you have them available for review in the future if requested.
This list applies to a majority of businesses, but your situation may be unique. The Paycheck Protection Program Forgiveness applications cover many special circumstances, provide information on selection of the covered period (or alternative payroll covered period) for payroll, and address how to treat FTE reduction. The SBA also continues to provide updates on forgiveness documentation requirements at SBA.gov. Please reach out to your Commercial Lending Officer if you have additional questions.
We know that now, more than ever, our local businesses are the heart of our communities, and we continue to be committed to your success and well-being. Thank you for the opportunity to serve you.
The Merrimack Commercial Lending Team