Notice: The Paycheck Protection Program has closed.The Paycheck Protection Program is no longer accepting applications as of August 8, 2020.
The loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 24 week period after the loan is made; and
- Employee and compensation levels are maintained.
Payroll costs are capped at $100,000 on an annualized basis for each employee. Not more than 40% of the forgiven amount may be for non-payroll costs. The Small Business Administration (SBA) requires that PPP loan forgiveness applications be submitted within 10 months of the end of the Covered Period (24 weeks from the loan disbursement date).
Additional Information for Borrowers:
The SBA’s Frequently Asked Questions document can be accessed at the following website: https://www.sba.gov/document/support-frequently-asked-questions-ppp-loan-forgiveness
Applying for PPP Loan Forgiveness with The Bank of Princeton:
- PPP Applicant (Borrower) Name:
- PPP Loan Number (Starts with 31…):
- PPP Applicant Email Address:
- PPP Applicant Contact Name:
- PPP Contact Telephone Number:
On October 8th, the SBA announced changes to the Paycheck Protection Program (PPP) loan forgiveness process. These changes include a simplified loan forgiveness application 3508S for certain borrowers with PPP loans of $50,000 or less. We are taking the steps necessary to make this new PPP loan forgiveness application available to our clients via The Bank of Princeton forgiveness portal. We expect the newer application to be available on the portal by mid-November. In the meantime:
- For clients who have already submitted a loan forgiveness application, we will continue to process your application unless you inform us that you would like to withdraw your application and reapply using the new application when it becomes available to you. Please note that applications which had already been submitted by the bank to the SBA cannot be withdrawn.
- For clients who have started, but not yet submitted their PPP loan forgiveness application, you are welcome to continue with your application or wait for the new application when it becomes available on our forgiveness portal.
- For clients who have not yet submitted a loan forgiveness application and wish to apply using the new form 3508S, please provide the information requested in the section above and send an email to PPPForgiveness@thebankofprinceton.com. Upon receipt of your email, a bank representative will email you a personalized link to your PPP loan forgiveness application accessible via our portal.
For up-to-date rules for the SBA’s PPP loan forgiveness process, including your Covered Period, the type of costs that are eligible for forgiveness and what documentation you will need to submit as part of your application, please visit the SBA website.