As noted in the CARES Act, as well as the Interim Final Ruling for the Paycheck Protection Program (PPP), all or part of your PPP loan may be forgivable, provided that certain specific criteria relative to the use of the proceeds of the loan are met. The United States Department of the Treasury and the Small Business Administration are working to provide final guidance on the forgiveness rules for the loans. On Friday, May 15th, the SBA released the Paycheck Protection Program Forgiveness Application. Additionally, on Wednesday, June 17th, the SBA released a three-page "EZ" Paycheck Protection Program Forgiveness Application that is expected to streamline the forgiveness process for a substantial portion of PPP borrowers.As noted by the US Department of the Treasury, you will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments within the specified time frame. You will also owe money if you do not maintain your staff and payroll.
1. Carefully review the PPP Loan Forgiveness Guidelines released by the Small Business Administration and US Department of the Treasury.
2. Carefully review and fully complete the SBA PPP Loan Forgiveness Application or PPP Loan Forgiveness Application EZ Form.
2. Gather ALL documentation outlined on the PPP Forgiveness Checklist.
3. Upload the completed application and ALL required documents via our Secure File Transfer (please use 'PPP Forgiveness' in the attention to field).
* Important Note: In order to be considered for loan forgiveness, it is extremely important that the application is complete and is accompanied by the appropriate documentation.
F&M Trust continues to monitor the PPP Loan Forgiveness and will provide timely communications to our borrowers in the event new guidance is issued. Additionally, we stand ready to assist in the event you need help navigating this process. Please contact your F&M Trust Relationship Manager with questions at any time. Thank you for your business.
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