Payroll Protection Program (PPP) Update—Forgiveness Update

Payroll Protection Program (PPP) Update—Forgiveness Update

Many of you have asked questions about proceeding with the forgiveness phase of your PPP loan. 

The SBA has recently released PPP loan forgiveness applications that can be found on their website at https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.  Completing the appropriate application is the first step in the loan forgiveness process.  At this time, we encourage you to become familiar with these forms, the documentation requirements for each, and the instructions for completion, all of which can be found on the SBA’s website.

While these forms have now been made available, the SBA has not yet formalized the submission process for participating lenders.  This means no lender, including Madison County Bank, is authorized to submit the forgiveness application to the SBA yet.  We remain in close contact with both our national and state SBA offices and hope to begin submitting applications to them immediately after the SBA permits it.

Until the SBA provides this guidance there is nothing to do except to familiarize yourself with these forms and gather any documentation in support of your forgiveness request so that your application can be processed without delay once we are able to submit the forms to the SBA. 

The Payroll Protection Program has been a great success in helping small business owners and farmers cope with financial losses caused by the COVID pandemic.  We were pleased to assist you in this vital program and look forward to working with you further on the forgiveness phase.  Should you have any additional questions on the program or the loan forgiveness process, please contact one of our lending officers.