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PPP Loan Forgiveness

Southside Bank is here to help as you use the funds from your SBA Paycheck Protection Program (PPP) loan.  

 

SBA PPP Latest Updates

 

SBA PPP Loan Forgiveness Application

The SBA has updated the loan forgiveness application and issued a new, simplified application for certain borrowers. In addition, the SBA has clarified that borrowers will be able to apply for forgiveness before the end of their covered period as long as all loan funds have been used. 

Borrowers who received their loan prior to June 5 have the option to choose an 8-week or 24-week covered period. At this time, you do not need to notify Southside which option you are choosing. Borrowers who received their loan on or after June 5 automatically have a 24-week covered period.

Please note that the applications below are subject to change and there is no need to submit any information to Southside at this time. We will notify you when you are able to submit your application and supporting documents.

 

SBA PPP Flexibility Act

On June 5, 2020, the Paycheck Protection Program Flexibility Act was signed into law. This Act modifies restrictions on PPP loan forgiveness and includes the following changes: 

The SBA interim final rule has been updated to reflect these changes.

 

Questions?

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