SBA PPP Loan Forgiveness
Southside Bank is here to help with your SBA Paycheck Protection Program (PPP) loan.
If you received your loan prior to June 5, you have the option to choose an 8-week or 24-week covered period. If your loan was funded on or after June 5, you automatically receive a 24-week covered period. You are not required to wait until the end of the covered period before applying. As long as all funds have been used, you may apply by listing the covered period dates on your application and providing documentation for the number of weeks it took to deplete the funds.
When applying for forgiveness, we encourage you to use payroll expenses only, if possible, to simplify the application process. If you can reach your loan amount with payroll expenses only, you will not be required to provide rent and utility documentation.
Please note that the SBA has shared that borrowers will not be required to make their first payment until 16 months from the date of loan disbursement. This new date was set as a placeholder to allow the SBA time to review forgiveness requests prior to the first loan payment date. If a portion of the loan remains after the SBA has confirmed the forgiveness amount, a new payment schedule will be established.
For the latest information regarding PPP Loan Forgiveness, please refer to the sites below:
The SBA has a webinar available this week to discuss the loan forgiveness application and frequently asked questions.
Please note that when you submit your organization’s PPP loan application in the secure portal, you must also submit the required supporting documentation. Click here to view the list of required documentation for each application type.
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