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PPP Round 1

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More government changes have affected the loan forgiveness process. For the better, we think. 

The process changed in two major ways for loans disbursed in 2020:

  • The amount for the simplified forgiveness process increased from $50,000 to $150,000 or less.
  • No documentation needs to be provided for loans $150,000 or less (retain for your records).

 

Forgiveness for loans $150,000 and less 

SBA has expanded the use of Form 3508S for PPP loans totaling $150,000 or less disbursed in 2020. In addition, documentation does not need to provided with the applications (retain for your records). Bank Midwest will send borrowers an email with a link to your pre-filled forgiveness application for a digital signature.

  • Review all application data to ensure accuracy. If you find an error, contact your lender.
  • If all looks correct, initial twice and sign the application as directed in the ProSign OnlineTM solution.

The email will appear as follows:

From: noreply@prosignonline.com
Subject: Documents available from Bank Midwest
Feb-19_ProSign-email-screenshot

 

Loans greater than $150,000

Bank Midwest lenders will contact borrowers with PPP loans more than $150,000 funded in 2020.  

 

Additional information:

 

 

PPP Resources

Bank Midwest’s experienced lenders are available for guidance. Reach out to a local lender directly or call 888.902.5662.

Federal Resources

 

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