PPP Loan Forgiveness Info

PPP Loan Forgiveness Info

PPP Loan Forgiveness of all or part of the PPP Loan can occur after you submit the PPP Loan Forgiveness Application (SBA Form 3508), along with the documentation that supports the amounts on the Loan Forgiveness Application. You will submit that Forgiveness Application and Documentation to Maple Bank.

During the week of June 15, Maple Bank will contact each PPP Borrower to provide resources to assist with the Forgiveness Application Form filing. This assistance will consist of a personal web portal for each borrower. Within this secure personal web portal will be:

After you have uploaded the support documentation and the Forgiveness Application, Maple Bank will forward the documentation and the Application to the SBA for their review. 

When SBA issues its approval, it will send the approved Forgiveness amount to Maple Bank to be applied to the PPP Loan balance. If the PPP Loan is not entirely forgiven, the remaining PPP Loan balance will be repaid over monthly payments sufficient to repay the loan over the months remaining in the original 24-month loan term, at 1% interest. Maple Bank will notify you of the Forgiveness amount and remaining balance and payments, if any.

Start Learning about Loan Forgiveness Now

The PPP Loan Forgiveness process has many details and requirements. The sooner you are aware of the requirements, the necessary recordkeeping, and the necessary documentation, the more likely you are to maximize the PPP Loan Forgiveness amount.

The PPP Loan Forgiveness Portal will not be available until the week of June 15th. Very few PPP Borrowers will be able to file for Loan Forgiveness before that date. The Loan Forgiveness Application filing window remains open until October 30, 2030. 

To maximize your business’s success with the PPP program, this is our advice NOW:

If you take the time to listen to this webinar and read the Application and its instructions, you will have the very latest and best information currently available. We will keep posting updated information here until the PPP Loan Forgiveness Portal and its training videos becomes available during the week of June 15.

If you will need assistance with the PPP Forgiveness rules, with gathering the required documentation, or with submitting the Forgiveness Application, it would be wise for you to reach out to your accounting, legal, or tax professional for assistance now.


 

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