A perfect fit for your business
On October 8th, the SBA released a new application form, Form 3508S, for requesting forgiveness of PPP loans of $50,000 or less. This is a welcomed change that simplifies the forgiveness process for many PPP borrowers.
For more information about the new Form 3508S, please visit the SBA’s website here.
An Overview of PPP Loan Forgiveness
The Milford Bank is following current program requirements and SBA guidance for the PPP. We will continue to update this page if any legislative changes are made to the PPP or additional SBA guidance is received.
As you prepare to apply for forgiveness, it’s important to determine when you’ll be eligible to apply and when is the right time for you to apply. Keep in mind your PPP loan payments are temporarily deferred in accordance with the terms of the program.
Step 1: Determine if your business is eligible and ready to apply
Step 2: Gather important documents and digitally organize them
Step 3: Prepare by reviewing the SBA application forms
Step 4: Complete the appropriate PPP loan forgiveness application
Step 5: The Milford Bank will review your PPP loan forgiveness application
Step 6: Await SBA approval
As the borrower, you’re responsible for understanding the program rules and if your loan qualifies for forgiveness. You should also check the SBA’s site and the Treasury’s site frequently as they are regularly updated.
The Milford Bank cannot provide financial, legal or tax advice, including interpretation of the SBA’s rules or guidance for loan forgiveness, or how they may apply to the circumstances of your business. Please seek financial, legal or tax advice from your financial, legal and/or tax professional(s). Please note that the information above is taken directly from the SBA and/or the SBA Paycheck Protection Program Loan Forgiveness Application, and is posted here solely for your convenience. It is not intended to be, and should not be considered, comprehensive or definitive. Please be sure to consult the SBA and/or U.S. Treasury PPP websites for information related to loan forgiveness and the PPP program. Guidance and rules directly from the SBA and/or the U.S. Treasury will supersede and control over any information below or in any FAQ posted here, to the extent of any conflict.
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Toll-free 1 (800)-554-8969
33 Broad Street
Milford, CT 06460
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