April 27, 2020 - Update
The SBA will resume accepting Paycheck Protection Program applications on Monday, April 27, 2020 at 10:30am EDT.
Apply for PPP
Arbor Financial is participating in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was recently passed to provide emergency relief for small- to medium-sized businesses disrupted by COVID-19. The Act created the Paycheck Protection Program, which will serve as an extension of the Small Business Administration (SBA) 7(a) loan program, allowing financial institutions to provide federally-backed, forgivable loans to eligible businesses.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
For those who have received a PPP Loan, the loan forgiveness process is likely top of mind for you. While this situation remains fluid, and many final details have yet to be disseminated by the Small Business Administration and the Department of Treasury, we want to provide you with support and tools to get ready for the next phase.
At this time, the application window for forgiveness has not opened, so the most important step you can be working on is the collection and retention of documentation in support of the forgiveness.
Documentation will be needed for each category:
- Payroll (including FTE retention calculation)
- Interest paid
Below is a link to the PPP Loan Forgiveness Application, as well as a PPP Loan Forgiveness Calculator for your convenience and direction, as you compile your documentation.
PPP Loan Forgiveness Application
PPP Forgiveness Calculator