PPP Loan Forgiveness Application Information

AS A SERVICE TO OUR CUSTOMERS, WE WILL STILL BE HELPING YOU WITH YOUR
FORGIVENESS APPLICATIONS

Our PPP business customers may have heard that the SBA is now accepting direct Forgiveness Applications from PPP borrowers. However, following our review of the SBA direct forgiveness program we have determined the platform and process we are currently using is less complex than the direct forgiveness program and so we will not be using the direct SBA option. We believe it’s important to continue to provide our borrowers with support during the PPP forgiveness process. We will continue to submit your forgiveness applications through our existing platform the same as we have been doing.

Please be assured that we will communicate with you, but feel free to contact us if you have questions about your process or your relationship with Meredith Village Savings Bank by emailing [javascript protected email address].

If you have general questions about the PPP loan forgiveness rules, we recommend you review the “Resources For Questions” section at the bottom of this page.

For quick reference, click on the appropriate link below:

For PPP Loans for more than $150,000

For customers with loans greater than $150,000, we have created an electronic forgiveness application that will allow you to securely enter payroll information and upload supporting documentation. When you are ready to apply, please fill out and sign the DocuSign Application Request Form that was sent out on 9/9/2020.

Please note that the deadline for submission does not occur until 10 months after the end of your covered spending period. Therefore, you should not feel rushed to move ahead until you have all of the information you need to fully support the application.

You can review the current application form and the instructions for its completion using the links below:

For PPP Loans between $50,000 and $150,000

For PPP borrowers with loans more than $50,000 but not exceeding $150,000, there is still a possibility that Congress will enact more broad reaching relief as part of another federal stimulus package; however, we do not know if or when this might occur.  If you have already spent your PPP funds on eligible expenses and have all of your supporting documentation ready to submit, you can choose to move forward with forgiveness now, by emailing us at [javascript protected email address] using the subject line “PPP Loan Forgiveness Application”.

Please note that the deadline for submission does not occur until 10 months after the end of your covered spending period. Therefore, you should not feel rushed to move ahead until you have all of the information you need to fully support the application.

In the meantime, you can review the current application form and the instructions for its completion using the links below:

For PPP Loans for less than $50,000

The Small Business Administration has released a streamlined loan forgiveness application for Paycheck Protection Program loans totaling $50,000 or less.

The new single page forgiveness application, form 3508S, includes certifications from the borrower, but does not require calculations to be submitted with the application. It is important to note, however, that applicants using form 3508S are still required to submit all of the same documentation verifying forgivable payroll and non-payroll expenses.

The Bank will work as expeditiously as possible to get the form 3508S into an electronic format for completion and submission. When the electronic form 3508S is ready for use, we will send out invitations to our PPP borrowers with loans of $50,000 or less; but until then, no action on your part is required. Please note that the deadline for submission does not occur until 10 months after the end of your covered spending period. Therefore, you should not feel rushed to move ahead until you have all of the information you need to fully support the application.

In the meantime, you can review the new 3508S application form and the instructions for its completion using the links below:

Resources for Questions

New Hampshire Mutual Bancorp