What You Need To Know
The Small Business Administration (SBA), in consultation with the Department of the Treasury provided guidance to address borrower questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act).
Frequently Asked Questions
- Where can I find the latest information on the loan forgiveness process? On August 11, 2020, the Small Business Administration (SBA) published guidance on loan forgiveness for the Paycheck Protection Program (PPP). Click here for definitions, forgiveness eligibility, checklists, and calculation worksheets to help you as you prepare your application with Seacoast Bank.
- How can I prepare to apply for loan forgiveness? For more information on the application, the types of costs eligible for forgiveness, and the documentation you will need to submit in connection with your application, please review the Paycheck Protection Program Loan Forgiveness Application on the SBA website. Seacoast Bank strongly recommends that, prior to applying through our online portal for loan forgiveness, you review and fill out the SBA Forgiveness Application, including the PPP Loan Forgiveness Calculation Form, PPP Schedule A and PPP Schedule A worksheet and gather the supporting documentation required to be submitted. The required documentation is defined in the in the SBA Forgiveness Application.
- Who determines the amount of loan forgiveness? 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.
- How do I request loan forgiveness? If you received a Small Business Administration (SBA) Paycheck Protection Program (PPP) loan from Seacoast Bank, we will email you with instructions on how to initiate the loan forgiveness process. Forgiveness is not automatic and must be requested through Seacoast Bank.