Dear PPP Borrowers,
People’s Bank is working toward the best possible approach in helping you navigate through the SBA PPP loan and loan forgiveness process. Below are some important items we want you to be aware of:
Coming Soon – Extension of Payment Deferral via Change in Terms Documentation
People’s Bank will be emailing your “Change in Terms” document in the coming weeks. This document, once executed, will defer all principal and interest payments on your PPP loan for an additional six months (total of 12 months no principal or interest payments from the date of your promissory note). Be sure to watch for this email, then review and sign at your earliest convenience.
PPP Loan Forgiveness
SBA Process Delayed
We have learned that PPP Loan Forgiveness applications that have been submitted to SBA by various lenders have not yet been reviewed by SBA as they continue to work on establishing procedures. It is anticipated SBA will fully utilize their 90-day window to make a loan forgiveness decision. This delay makes action on your extended payment deferral (referenced above) important.
Likelihood of Simpler/Faster Application Process - Loans $150,000 and Under
Support continues to grow for the approval of streamlined PPP loan forgiveness legislation. Proposed bill would allow for a quick one-page forgiveness application on loans of $150,000 or less.
Be sure to watch our website for update to date information.
People’s Bank Team