PPP FAQs

Q: If I apply for PPP Loan Forgiveness, do I need to start making Principal and Interest (P&I) Payments?

A: If you apply for PPP Loan Forgiveness you do not need to start making Principal and Interest Payments.

1. If I want to delay P&I Payments without applying for PPP Loan Forgiveness, why do I need to sign an amendment?
   • At the time that you received your PPP Loan, the terms of your loan note called for P&I Payments to begin 6 months after disbursement per the SBA guidelines in effect at that time. The SBA later changed the forgiveness period from 6 to 10 months. If you choose to delay P&I Payments beyond 6 months up to 10 months without applying for PPP Loan Forgiveness, your loan note must be amended to do so.
2. Are there tax advantages to delaying Forgiveness into 2021?
   • Please consult your Tax Professional for answers to tax questions regarding your PPP Loan.
3. Why is my disbursement date different on my PPP Loan?
   • If your disbursement date is a different date than expected on your PPP Loan, please contact us below.
   • Phone- 413-572-4211
   • Email- PPPQuestions@westfieldbank.com
4. Can I submit a paper PPP Loan Forgiveness Application?
   • Westfield Bank is not accepting paper PPP Loan Forgiveness Applications.
5. What should I expect after submitting my PPP Loan Forgiveness Application?
   • ​​After an applicant submits a PPP Loan Forgiveness Request, Westfield Bank has 60 days to respond to the borrower. After that 60 day timeframe, the Small Business Administration (SBA) has 90 days to issue a ruling on the forgiveness amount for your loan. Once a decision has been made by the SBA, borrowers will be receiving additional communication.
6. I never received a PPP Loan Update Email from Westfield Bank.
   • If your email was misplaced or did not reach your inbox, you can find everything you need to know on this page and our PPP Overview Page.
7. What information do I need to enter into the Westfield Bank PPP System to find my loan?
   • Borrower Tax ID Number
   • Borrower Social Security Number (SSN)
   • Primary Business Email
     • This email address needs to be the email address that was used to apply for the loan.
8. Should I use the Applied Amount or the Disbursed Amount to find my Loan?
   • ​​You should use the Disbursed Amount
9. When does the Forgiveness period start?
   • The period begins from the date that you received the money from Westfield Bank.
10. What is the difference between the 8 and 24 week covered period?
    • ​​If you received your PPP Loan after June 5, 2020, your covered period is 24 weeks. If you received your PPP Loan before that date, you have an option of an 8 or 24 week covered period.
11. How do I apply?
    • You can apply online at the top of this landing page.
12. What do I upload for documentation?
    • ​​You will need to upload applicable documents that detail how the loan proceeds were utilized. Those could include:
      • 1a. Payroll: Cash Compensation for Employees
      • 1b. Payroll: Tax Forms
      • 1c. Payroll: Health Insurance & Retirement Contributions
      • 2. FTE Documentation
      • 3a. Nonpayroll: Mortgage Interest
      • 3b. Nonpayroll: Rent or Lease
      • 3c. Nonpayroll: Utilities
    • If you have specific questions regarding these documents, please contact your accountant or tax professional.

Important Resources

U.S. Department of the Treasury

U.S. Small Business Administration

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)