PAYCHECK PROTECTION PROGRAM


Updated July 3, 2020

Liberty Bank is proud to have helped hundreds of small businesses navigate the SBA PPP.  We estimate more than 5,000 jobs in the counties we serve have been retained by local businesses as a result of our PPP efforts. New applications for PPP loans will continue to be accepted through the recently extended August 8, 2020 deadline, or until the appropriated funds have been exhausted. 

Our focus is now on PPP loan forgiveness and steps each borrower should prepare for.  Please review the links and process outlined on this page for helpful information.

The SBA and US Treasury have tools and information for borrowers and lenders as it relates to the forgiveness process.  Given the many program changes since inception, we strongly recommend PPP borrowers review the sites listed here:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

In addition, the SBA has recently updated their FAQ’s, which can be reviewed here:

https://www.sba.gov/sites/default/files/2020-06/Paycheck-Protection-Program-Frequently-Asked-Questions%20062520.pdf

PPP borrowers should continue to consult with independent advisors, payroll administration company, and the SBA as you track utilization of loan proceeds. 

Liberty Bank Forgiveness Process for PPP Borrowers

  • Beginning sometime in July 2020 and phased over a period of months (depending on when your PPP loan was disbursed), we plan to send a link to electronically submit your PPP loan forgiveness request information into our on-line secure portal link.  
  • The portal will have your initial loan and business information pre-loaded.  It will prompt you to make any needed changes, complete each section of the forgiveness application, schedules and supporting documents, as needed.
  • The portal will direct you to select the preferred “loan forgiveness covered period” (8 weeks, 24 weeks, or alternative).  The process will incorporate SBA forgiveness forms 3508 or 3508EZ depending on how you respond and your circumstances.
  • You will be responsible for completing the information in the portal.
  • The bank will review the request and provide feedback on the forgiveness process.  Please anticipate some additional information may be requested.
  • Time period allows up to 60 days to review your completed request before making a determination, which is also subject to SBA’s review and time period.
  • Any amount not eligible for forgiveness may be repaid, per the terms of the existing promissory note.  Your Relationship Manager will coordinate with you.

This communication is not intended to encompass all instructions on how to achieve forgiveness and is subject to change.

We are pleased to be of service and encourage you to reach out to your Relationship Manager with any questions.