06/12/2020: Update Regarding PPP Loan Forgiveness
Thank you for your trust in Mars Bank to help your organization secure your Paycheck Protection Program loan. This email is to update you on the developments regarding the loan forgiveness process.
Due to the ongoing changes to guidance from the SBA and additional legislation regarding forgiveness and the application process, the bank is not yet processing forgiveness requests. Once these issues are resolved, we will begin accepting applications.
The window for loan forgiveness has been extended to 24 weeks from the funding of the loan. This provides time for the guidance to be worked out. While we await final rules for forgiveness, we suggest taking the following actions:
- Review the current rules about the forgiveness process including details regarding employee status, payroll calculations and non-payroll expenses that may be eligible for forgiveness. Borrowers are responsible for the repayment of portions of the loan that are not forgiven. View details on the SBA website by clicking here.
- Visit the SBA site and download current FAQ information provided by the agency. The FAQ page can be accessed by clicking here.
- You may also consider contacting your accounting and/or legal professionals for input regarding the use of PPP funds and forgiveness requirements.
We will continue to provide information regarding the PPP forgiveness process as it becomes available. We appreciate your business and know this process is important to your organization. We thank you for your patience as we work through the process.
Please contact your Commercial Banking Officer with any questions regarding this matter.