SBA Paycheck Protection Program (PPP)- Forgiveness Phase

The SBA will publish additional guidance on loan forgiveness and we will update this page as guidance is issued.  Disclaimer:  The information included herein has been obtained from sources deemed reliable, but, it is not in any way guaranteed, and it, together with any opinions expressed, is subject to change at any time.  Any and all details offered are preliminary and are therefore subject to change at any time.  This has been prepared for general information purposes only and does not consider the specific objectives, the financial situation, or the particular needs of any individual or company.  This information is, by its very nature, incomplete and specifically lacks information critical to making final decisions, and, is dependent on the occurrence of future events which cannot be assured.  It is recommended you seek the advice of a competent professional.  For additional information visit the SBA FAQ for Lenders and Borrowers.

Loan Forgiveness

Update June 23, 2020

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA).   The PPPFA contains major changes to the forgiveness rules and requirements.  In addition to the rules changes, the U.S. Small Business Administration (SBA) has produced two new Loan Forgiveness Applications and instructions (click below links to visit the SBA.gov website and download).  A separate Loan Forgiveness Application Checklist is also located below to assist in assembling documentation.  SENB Bank is waiting on SBA guidance for the bank submission process of forgiveness applications.  We will update our website with any new information as soon as we have it available.     

Follow this link to see more about SBA PPP forgiveness. Learn more