CARES Act
SBA PPP Loan Forgiveness
Update 12.31.20 – President Approves COVID-19 Relief Bill, Reauthorizes PPP
As you may have heard, this past week the President signed into law the Coronavirus Response and Relief Supplemental Appropriations Act which will provide for a 2nd round of PPP loans, including existing PPP borrowers.
At this point, we are still awaiting more details and guidance from the SBA. Right now, customers cannot apply for a new PPP loan. We expect the program will commence, and customers will be able to apply for a PPP loan, around mid-January.
Please contact your banker if you have any questions.
We will continue to provide information as it becomes available.
SBA PPP Loan Forgiveness
Exchange Bank is committed to supporting our business customers. We provided nearly 1,800 loans totaling $260 million through the SBA Paycheck Protection Program.
We are excited to announce the launch of our Exchange Bank Forgiveness Portal. If you received your PPP loan through us, your forgiveness application must also be processed through us. Please see the following instructions to access your loan in our online portal.
We are committed to working closely with you to process your forgiveness application.
Exchange Bank Forgiveness Portal Registration Instructions
Your loan number is located on Page 1 of your loan Note document
Please take note of these special points about Portal Users:
- Multiple individuals can create their own individual portal login for the same company, and share access to the forgiveness application.
- One individual can access forgiveness applications for multiple loans. Follow the steps below for each loan and be sure to use the same email and password every time. You will then be able to toggle between different loans.
Step 1: Click on the link to access the Exchange Bank Forgiveness Portal
Step 2: Enter the Company Tax ID number or Social Security number (Sole Proprietors) into the EIN or SSN box.
Step 3: Enter the SBA Loan Number (with no dashes) into the SBA Loan Number box. You can find the loan number on page 1 of your loan Note document.
Step 4: Click on “Find Your Loan” and verify it by selecting the correct loan amount.
Step 5: Complete your login by entering an email address and password. (Note, if you are accessing multiple loans, you should use the same email and password.)
If you have any issues with your login, please contact our Customer Care Center at 707.524.3000 or 800.995.4066.
Additional Resources
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.
Reference Tools
We highly recommend that you review these appropriate documents before starting the forgiveness process in the portal.
- Borrower Training Video #1: Forgiveness Portal Borrower Training
- Borrower Training Video #2: Exchange Bank and Wolf Webinar
- Webinar Presentation Materials: PowerPoint Presentation
- SBA Loan Forgiveness Application and Instructions
- SBA Loan Forgiveness Form EZ and Instructions (if applicable to your situation)
- SBA Loan Forgiveness Form S and Instructions (if applicable to your situation)
- SBA FAQs: Frequently Asked Questions (FAQs) on PPP Loan Forgiveness
- Best Practices for completing Forgiveness Application: Best Practices List
- Cybersecurity and Infrastructure Security Agency (CISA): Malicious Cyber Actor Spoofing COVID-19 Loan Relief Webpage via Phishing Emails
Thank you for your business.
