California Community Banking Network
  • Membership
    • Member Portal Login
    • Bankers Helping Bankers
    • Associate Membership
    • CCBN Associate Member Directory
  • Education and Events
    • Seminars and Events
    • Webinars >
      • Categories >
        • AUDIT & ACCOUNTING
        • Collections
        • Compliance
        • Directors
        • Frontline New Accounts
        • Human Resources
        • IT
        • IRA
        • Lending
        • Marketing
        • Operations
        • Security & Fraud
        • Senior Management
    • Recorded Webinars
    • Community Banker University >
      • CBU Certification Programs
      • CBU Bank Director Program
      • CBU Leadership Academy
      • CBU Online Training
      • ICBA LIVE 2023
      • ICBA Lead FWD Summit
  • Advocacy
    • Legislative Successes
    • From ICBA >
      • From Washington DC
      • From the Top
      • Portfolio Management
  • About Us
    • Our Team
    • Board of Directors
    • Contact
  • Preferred Service Providers (PSP)
    • PSP Announcements
Picture
This page is for community bankers to ask questions, share experiences and learn more about the PPP process.
​This is a peer exchange and not official interpretation or legal consultation.
Please refer to SBA and Treasury for 
official guidance. 

What steps  do borrowers need to follow to receive PPP loan forgiveness?

4/21/2020

0 Comments

 
From a CCBN bank: 

Forgiveness is discussed in the following sections on the PPP – IFRN FINAL:
                a.) Section O starting Page 13
Forgiveness is discussed in the following sections on the PPP – IFRN FINAL (Addtl) –  for self-employed and independent contractors:
                a.) Section F starting Page 11
 
The clause that has merited attention on our side is the following from the PPP –IFRN FINAL on Page 13-14:
 
That is, the borrower will not be responsible for any loan payment if the borrower uses all of the loan proceeds for forgivable purposes described below and employee and compensation levels are maintained.
 
Our interpretation is that the number of employees can’t be reduced and no reduction in their compensation at the time of funding thru the 8 week period.  They could hire more or give raises if they chose.  Hence the borrower need for a current employee list/with salaries to track against.

0 Comments



Leave a Reply.

      Do you have a question you would like to see posted?

    Submit

    Categories

    All
    Application 2484
    Fintech
    Forgiveness
    Funding
    Late Charge
    Notice To Applicants
    Origination
    Third Party
    XML File


    Related Resources:
    • ICBA 
      Info and FAQ on SBA PPP
    • ​Treasury FAQ 
    ​OriTrust
    ​

    OriTrust's PPP Fast Application is a powerful bank developed tool that can help its members fast-track PPP lending and is very straightforward and simple to use. It helps with making sure the bank is collecting all the required information and with the ongoing monitoring of information to ensure each borrower obtains loan forgiveness. 
California Community Banking Network.  All Rights Reserved.
3808 E. La Palma Ave. |  Anaheim, CA 92807
Phone: 800-627-6613 | info@ccbnetwork.org  | sitemap
  • Membership
    • Member Portal Login
    • Bankers Helping Bankers
    • Associate Membership
    • CCBN Associate Member Directory
  • Education and Events
    • Seminars and Events
    • Webinars >
      • Categories >
        • AUDIT & ACCOUNTING
        • Collections
        • Compliance
        • Directors
        • Frontline New Accounts
        • Human Resources
        • IT
        • IRA
        • Lending
        • Marketing
        • Operations
        • Security & Fraud
        • Senior Management
    • Recorded Webinars
    • Community Banker University >
      • CBU Certification Programs
      • CBU Bank Director Program
      • CBU Leadership Academy
      • CBU Online Training
      • ICBA LIVE 2023
      • ICBA Lead FWD Summit
  • Advocacy
    • Legislative Successes
    • From ICBA >
      • From Washington DC
      • From the Top
      • Portfolio Management
  • About Us
    • Our Team
    • Board of Directors
    • Contact
  • Preferred Service Providers (PSP)
    • PSP Announcements