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Your loan officer will contact you when the online forgiveness application process becomes available

Your loan officer will contact you when the online forgiveness application process becomes available

If you would like to apply for a Paycheck Protection Program Loan: Congress recently re-opened the Paycheck Protection Program (PPP) for first time PPP borrowers. If you would like to apply, please contact your local branch.

Please note: The deadline to submit a completed PPP application to Beneficial State Bank is Friday, July 24th to allow sufficient processing time before the program ends.

If you are a current Paycheck Protection Program borrower: We are currently building an online forgiveness application. We continue to await additional guidance from the SBA and Treasury that is necessary to begin the forgiveness process.

In the interim, we recommend that you consult with your CPA, counsel, and/or payroll company for help preparing for the forgiveness process. Additionally, you can familiarize yourself with the forgiveness application forms that were recently released by the SBA and are available on the US Treasury Department’s website.

Please note: We cannot accept forgiveness applications via email, mail, or in person. Please do not send PDF copies of these forms.

To allow for all PPP applications received to date to be processed in advance of the SBA’s deadline, we are no longer accepting new PPP applications.

  • We are currently building an online forgiveness application process. We are still awaiting key guidance from the SBA and Treasury and we are not currently able to accept forgiveness applications. Your Loan Officer will contact you when the forgiveness application process becomes available online.
  • As you Flexibility Act (PPPFA) was passed on . The law enacts several changes that will affect existing PPP loans and the forgiveness process. Details about these changes are available here. The US Dept of the Treasury website and the SBA website continue to be good resources for the most detailed information about the program.

SBA will issue additional guidance regarding loan forgiveness and a revised forgiveness application to implement the PPPFA in the near future

If you had an application still in progress on 6/22:Please contact your loan officer for directions and with any questions you may have.

Thank you for your initial interest in the Paycheck Protection Program (PPP) at Beneficial State Bank. If you still have interest, please contact us right away. Monday, , will be the last day to start an application with us to allow sufficient time for processing in advance of the SBA’s deadline.

As you Flexibility Act (PPPFA) was passed . The law enacts several changes that will affect existing PPP loans, new PPP loans, and the forgiveness process. Details about these changes are available here. The US Dept of the Treasury website continues to be a good resource for the most detailed information about the program. This article also summarizes the PPPFA changes.

We appreciate the hard work you are doing in our community. We are thinking of you in these trying times, and wish you, your businesses, and your families all the best.

The SBA & US Treasury recently released more information about the Paycheck Protection Program Loan Forgiveness requirements

The document can be viewed here. This 11-page document includes a Forgiveness Calculation Form and multiple pages of detailed guidance regarding the forgiveness calculations. We are encouraging all our PPP loan clients to https://signaturetitleloans.com/payday-loans-me/ review this document carefully.

We will do our very best to support you during your forgiveness request but, please note, Beneficial State Bank is not able to provide specific guidance on SBA PPP forgiveness calculations. Please confer with your legal counsel and CPA to be sure you understand the forgiveness calculation process and the representations and certifications that you are required to make to the SBA and fully understand the risks.

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