Paycheck Protection Loan Forgiveness
Savers Bank is ready to assist you with successfully preparing your request for Loan Forgiveness under the Paycheck Protection Program.
We have created an easy to use, intuitive portal for you to complete the application and upload the information required from the Small Business Administration (SBA). You can access the online application directly by selecting the ‘apply now’ button found on the bottom of this page. However, before you start the process below are a few tips to make the process go smoothly.
- You are eligible to process your application eight weeks after you receive your loan proceeds (and up to 24 weeks should you choose to wait).
- Once you apply, we will review your application and supporting documentation to submit to the SBA. The bank has 60 days from the date of submission to review your application. The SBA will issue the forgiveness proceeds within 90 days of our submission. We will notify you if and when your loan forgiveness proceeds have been received from the SBA. Please note that the SBA has final decision-making authority on the amount to be forgiven.
- Along with completing the online application, you will need to upload one or more supporting documents verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period and documentation verifying existence of the obligations/services prior to February 15, 2020. See application link for more details.
The Borrower must retain the following documentation in their files for six years after the date the loan is forgiven or repaid in full and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request for all records to the Borrower’s PPP loan.
- Documentation submitted with the PPP loan application.
- Documentation supporting the Borrower’s certifications as to the necessity of the loan request and its eligibility for a PPP.
- Documentation necessary to support the Borrower’s loan forgiveness application.
- Documentation demonstrating the Borrower’s material compliance with PPP requirements.
SBA has mandated that banks be responsible for reviewing, accepting, and submitting the PPP loan forgiveness applications and supporting documentation to the SBA for forgiveness. In order to avoid a conflict of interest, Savers Bank may provide only limited assistance in completing information or calculating data on your PPP Loan Forgiveness Application. You should check with your accounting, payroll and/or tax professional should you need additional help.
Start your PPP forgiveness now.