FORGIVENESS - REVISED
Paycheck Protection Program (PPP)
IMPORTANT UPDATE as of July 24, 2020
We know that many of you are eager to start the PPP loan forgiveness process after having spent the PPP loan proceeds on eligible expenses. We learned the SBA expects to begin accepting forgiveness applications on August 10th. However, SBA continues to refine the process of how they will accept applications and has noted this date may change. Also, Congress is continuing to discuss the possibility of offering blanket forgiveness to PPP borrowers with smaller loans. For these reasons, we ask for your patience as SBA works to clarify the process. Since our forgiveness application process will be done online, we are hopeful that we will be able to email you a link to log into the software within the next 2-3 weeks. Please keep in mind that no payments will be due on your PPP loan until we receive a response on your application from SBA, and the amount approved for forgiveness will include all accrued interest on that forgiven amount.
Please be sure to check your email and the Bank’s website for updates. We also continue to strongly recommend that you check the Treasury’s website for updated information and guidance (click here), read the relevant CARES Act sections (click here), and consult with your CPA and/or attorney for professional advice, as Borrowers are solely responsible for their use of PPP funds and should not rely on American National Bank and its own interpretation of the Act.
Click here to access SBA Form 3508EZ and instructions.
Click here to access the revised SBA Form 3508 and instructions.
Click here to read the Interim Final Rule issued on June 22, 2020.