Dear PPP Recipient,
We have new information regarding the PPP loan forgiveness process to share with you.
For loan amounts up to $150,000:
- The SBA is offering a streamlined forgiveness application for PPP loans.
- We expect to receive the streamlined forgiveness application from the SBA in 10 days.
- We will notify you when the application has been placed in your portal.
- No documents will be required, only your attestations and signature.
- You may want to consider applying for forgiveness at your earliest opportunity.
For loans amounts greater than $150,000:
- The process requires you to complete the forgiveness application and provide documentation to support how PPP loan funds were allocated/disbursed.
- Please remember that you have ten (10) months from the end of your covered period to apply for PPP loan forgiveness so there is no urgency to immediately apply.
- Once the SBA begins to review and then makes a decision on forgiveness, principal and interest payments will begin to be due from that date on based on what isn’t forgiven. Therefore, please time your forgiveness application based on your ability to, and willingness to, make those payments sooner versus using up the 10 month period to apply for forgiveness.
- If you choose to apply for forgiveness now, we will upload the application to your portal.
Newtek was happy to provide you with PPP financing in 2020 and looks forward to supporting you and your business as best we can in 2021.
Please don’t hesitate to contact us at info@newtekone.com with any questions.
Newtek Business Finance Solutions
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