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NORWICH BRANCH UPDATE: We’re back open and excited to be able to support you in our newly renovated Norwich branch. Since the finishing touches are still in progress, please access our branch through the back door as we complete our new front walkway. We look forward to sharing our new look with all of you. 

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A New Simplified Forgiveness Application of $150,000 or Less


Jan 21, 2021 -  A new simplified forgiveness application for loans of $150,000 or less is the best news of the new information released by the SBA. These applications for forgiveness do not require the submission of supporting documentation to the bank or SBA (you must continue to maintain the information in case the SBA audits your loan).
 
In addition to the new forgiveness application for loans of $150,000 or less, the SBA has also released new versions of the EZ application and the regular application. The new version of each forgiveness application form will need to be used for any forgiveness applications that have not already been submitted to the SBA.
 
We are in the process of updating our online forgiveness portal with the new version of the applications. We will send you an email with a link to the portal as soon as the portal is updated.  If you would like an early look at the new version of the forgiveness application for loans under $150,000 you can do so here.
 
All the forgiveness requirements can be found in SBA's IFR 2021-0006 and its references. There is a table of contents on pages 9-11.
 
25% Second Draw PPP Loan Revenue Reduction Calculations:
The SBA released additional guidance on the definition of revenue and how to calculate revenue reduction in a procedural notice/FAQ dated January 19th.
 
Gross receipts of a for profit business are all revenue in whatever form received or accrued from whatever source. Gross receipts do not include taxes collected for and remitted to a taxing authority, proceeds from transactions between a concern and its domestic or foreign affiliates and amounts collected for another. The SBA guidance specifically excludes PPP Loan proceeds that are forgiven and EIDL advances from gross receipts. This is an abbreviated definition, for the complete definition please consult with your accountant or refer to the SBA procedural notice here.
 
SBA Second Draw Approvals:
Earlier this week we began receiving SBA approval of second draw and first draw PPP loans. We will be in touch with you as we receive the approvals to let you know of the approval and to schedule a closing. We are required to close loans within 10 days of the SBA approval. Loan closings will be through electronic documentation and signatures, as was done with the prior PPP loans.
 
SBA Assistance Payments (Section 1112 Payments):
If you are eligible for a Second Round SBA Assistance Payment on your SBA 7(a), 504, or Microloan we will be in contact with you directly.   


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