Payroll Protection Program Frequently Asked Questions (FAQs)

Please see the FAQs section below to assist with the PPP Loan Forgiveness Process.

1. If I apply for PPP Loan Forgiveness, do I need to start making Principal and Interest (P&I) Payments?
   • If you apply for PPP Loan Forgiveness you do not need to start making Principal and Interest Payments. 
2. What should I do if I need to delay Principal and Interest Payments (P&I) but am not ready ready to apply for PPP Loan Forgiveness? 
   • If you need to delay P&I Payments, you can apply for PPP Loan Forgiveness above. If you are not ready to apply for Forgiveness, please contact us via email or phone below to discuss your options. Options include signing an amendment to the original note to delay your payments. 
   • Phone: 413-572-4211
   • Email: PPPQuestions@westfieldbank.com
3. 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.
4. Are there tax advantages to delaying Forgiveness into 2021?
   • Please consult your Tax Professional for answers to tax questions regarding your PPP Loan.
5. 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
6. Can I submit a paper PPP Loan Forgiveness Application?
   • Westfield Bank is not accepting paper PPP Loan Forgiveness Applications.
7. 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. 
8. 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. 
9. What information do I need to enter into the Westfield Bank PPP System to find my loan? 
   • Borrower Tax ID Number
     • Please ensure that you enter your Tax ID Number and not your Social Security Number (SSN) . If a Social Security Number is entered, it will not work. 
   • Original PPP Loan Amount
     • Please ensure that you enter the disbursement amount of your loan including the cents. 
   • Primary Business Email 
     • This email address needs to be the email address that was used to apply for the loan. 
10. Should I use the Applied Amount or the Disbursed Amount to find my Loan? 
    • ​​You should use the Disbursed Amount 
11. When does the Forgiveness period start?
    • The  period begins from the date that you received the money from Westfield Bank.
12. 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.
13. How do I apply? 
    • You can apply online at the top of this landing page.
14. 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)

Instructions for Borrowers

Loan Forgiveness Application- Instructions for Borrowers
PPP Loan Forgiveness Application Form 3508EZ- Instructions for Borrowers
PPP Loan Forgiveness Application Form 3508S- Instructions for Borrowers

Need to know more about Westfield Bank and the PPP Loan Program?