The PPP Loan Forgiveness process continues to move forward.
The good news is that the Small Business Administration (SBA) is doing a pretty good job moving the process along. One issue our borrowers have experienced is the reduction of forgiveness amounts for Economic Injury Disaster Loan (EIDL) advances taken out directly through the SBA. These amounts may be converted into 1% loans with the Merrimack or paid back at the time of Forgiveness. We are happy to work with you to better understand the process, so give us a call if you have questions.
The SBA PPP 3508S short-form application is available now.
For those borrowers with PPP loans of $50,000 or less, the more streamlined application (also known as the 3508S) is now available. Although this application will require less data input, supporting documentation is still required. If you are eligible, you will have the option to select the 3508S as you begin your application.
Starting the PPP Loan Forgiveness process.
If you have not yet started the PPP Loan Forgiveness process, we encourage you to do so. While the SBA applications do say they expire, rest assured you have up until the maturity of your loan to apply for forgiveness. To request your application, please complete the request form available here. Please review the information carefully and click the link to request your forgiveness application.
For help on where to begin in the application process, please contact Terrie McQuillen at 603.409.0476, email@example.com, or Bob Sharpe, 603.879.8524, firstname.lastname@example.org. To make it as easy as possible for you, we can provide you with a digital forgiveness application that has been pre-populated with your loan information.
SBA release of PPP borrower information.
On December 1, 2020, in response to a court order brought on by media organizations, the SBA released public data about PPP borrowers — including borrower names, addresses, loan amounts and lending institutions.
We want to assure you that as your bank, we did not and would not disclose your data. Our commitment to protecting your privacy is important to us, and we follow all applicable laws and regulations.
We have heard of cases outside of our area where third party businesses are using the SBA-released data to market themselves to PPP borrowers. Some may refer to our bank since we were part of the data release. Please know we have no involvement in these actions and do not have a relationship or endorse any of these businesses.
We will always communicate directly with you about your PPP Loan. Please contact us if you have any questions about your PPP Loan or relationship with Merrimack County Savings Bank.
As your local community bank, we are proud to have helped you with your PPP Loan, and we will continue to keep you updated. Once again, please feel free to contact Terrie, or Bob with any questions.
On behalf of all of us here at Merrimack County Savings Bank, we wish you, your staff and your family a safe and happy holiday season.
The Merrimack Commercial Lending Team