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Now Accepting PPP Loan Forgiveness Applications.

Important Information for PPP Loans less than $50,000

Recently, the SBA released a new simplified Forgiveness Application (Form 3508S). This form exempts PPP loans of $50,000 or less from FTE or employee reduction penalties. Borrowers will still need to submit a form to request a forgiveness amount, attest to the proper use of funds and provide supporting documents to lenders to justify the spend. 

  • Treasury Interim Final Rule on simpler simplified or streamlined forgiveness process for loan of $50,000 or less: found here

PPP Loan Forgiveness Process 

Get started with Loan Forgiveness now


Applying for Loan Forgiveness

Ready to start the PPP loan forgiveness process?

To start the PPP Loan Forgiveness Process, you will need to enter the following information:

  1. Primary email address provided on your PPP loan application.
  2. Borrower's Tax Identification Number (TIN).
  3. Original amount of your PPP loan (in dollars and cents).

Once your loan is identified, you will be guided through the online application. Please know you will be required to upload applicable documents that detail how the loan proceeds were utilized.

If you have specific questions regarding these documents, please contact your accountant or tax professional.

To streamline and simplify the process, the online loan forgiveness application is completed solely by the borrower. Additional support regarding PPP loans and the forgiveness process can be found at the links below:

U.S. Department of the Treasury

U.S. Small Business Administration 


Loan Forgiveness Timeline

Westfield Bank has 60 days from receipt of a completed application to issue a decision to the SBA. If we determine that you are entitled to forgiveness of some or all of the amount you applied for under the statute and applicable regulations, we will request payment from the SBA at the same time we issue our decision. The SBA will, subject to their own review of the loan or loan application, remit the appropriate forgiveness amount to Westfield Bank, plus any interest accrued through the date of payment, not later than 90 days after we issue our decision to SBA.

Reminder: You must complete a loan forgiveness application to avoid being subject to paying principal and interest payments, which are scheduled to commence in the next few weeks according to the terms of the note. In addition, borrowers must adhere to the timelines set by the SBA for both the covered period and the forgiveness application deadline.

Fraud Alert: It has come to our attention that businesses are being targeted nationwide by fraudsters purporting to be agents of the U.S. Small Business Administration (SBA) conducting site visits as part of the PPP Loan Program.  The SBA is NOT conducting site visits and would NEVER request copies of sensitive documents in person. Please contact local authorities should you be visited by these individuals.  

Loan Forgiveness Document Links

Frequently Asked Questions on Loan Forgiveness (10/13/2020)

Interim Final Rule on Loan Forgiveness (5/22/2020) (PDF)

Interim Final Rule on Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule (6/22/2020) (PDF)


Instructions for Borrowers


Frequently Asked Questions Regarding the PPP Program


Helpful Videos (3508EZ Form Only)

The following videos will help assist you in using our digital forgiveness software:
 

"Numerated Forgiveness - Borrower Authentication & Application"

 

"Numerated Forgiveness - Borrower Doc Upload"
 

 

"Numerated Forgiveness - Borrower eSigning"

 

Questions?
Please contact your Commercial Loan Officer for more information regarding the forgiveness process. As always, thank you for choosing Westfield Bank.