Given the Supreme Court ruling, we are looking into reopening our lobbies. We do not yet have a specific date for this, as we are waiting for further guidance and developing plans to ensure customer and employees safety.
Our Digital Banking platfrom has upgraded to a new look. All of the functionality that you have become accustomed to remains the same!
Critical planning and documentation now will put your business far ahead when applying for PPP loan forgiveness. The burden falls on business owners to comply with the intended use of the money and to track all monies used. Borrowers must use the funds predominantly (at minimum 75%) for payroll. It’s crucial for borrowers to track and record expenses to apply for forgiveness. If your PPP is through Peoples, expect to turn in receipts, registers, reports, etc., to verify how your PPP funds were used.
HOW DOES THE LOAN FORGIVENESS WORK?
A borrower is eligible to apply for loan forgiveness equal to the amount spent on the following items during the 8-week period beginning on the date of the origination of the loan:
Learn more on maximizing forgiveness with these tools:
WHAT IS NEEDED AND WHEN CAN I APPLY FOR LOAN FORGIVENESS?
Upon completion of the eight-week covered period, you can apply for loan forgiveness. The SBA is still determining its process for forgiveness, but here are the items you'll need to get started:
The SBA and Treasury Department have released the PPP Loan Forgiveness Application and instructions. The document informs borrowers how to apply for forgiveness of their PPP loans, consistent with the CARES Act. The form and instructions include:
Please watch for future updates as we expect to receive more specific Information from the SBA for borrowers on completing the application.
WHAT COULD CAUSE A LESSER AMOUNT TO BE FORGIVEN?
PPP Loan Forgiveness Application
PPP Forgiveness Guide
Qualifying Payment Documentation Spreadsheet
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