CARES Act

SBA PPP Loan Forgiveness

New federal legislation under the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), which was signed into law on June 5, 2020, contains several important modifications to the PPP loan forgiveness process. The U.S. Treasury and SBA has provided additional guidance related to this new law and more guidance is expected in the coming weeks.

As additional guidance becomes available, we will determine the date on which we will begin accepting applications for loan forgiveness. We’ll keep you updated as we receive this information.

Once you are eligible to apply for loan forgiveness, we will email you with instructions and a unique link to begin the application, along with step-by-step instructions. 

Your forgiveness application must be processed through Exchange Bank if you received your PPP loan through us.

For more information on the forgiveness application, the types of costs that are eligible for forgiveness, and what documentation you will need to submit in connection with your application, please review the Paycheck Protection Program Loan Forgiveness Application on the SBA website.

The U.S. Treasury and Small Business Administration (SBA) are responsible for the rules of the program which determine the amount of loan forgiveness you may receive. This can include full, partial or no forgiveness.

We encourage you to visit the SBA website for the most up-to-date Paycheck Protection Program Loan Details and Forgiveness rules and guidance.