PPP - Forgiveness Process

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The PPP Forgiveness Process

Firestone Financial, with our SBA lending partner, 44 Business Capital, will automate the forgiveness process for all customers who we assisted in obtaining a PPP loan.

Update:

Please Note: PPP Borrowers are not required to apply for forgiveness until the expiration of a specified 10-month window. The start date for the 10-month window will not begin until the expiration of your elected covered period (either 8 or 24 weeks from PPP loan disbursement) or October 31, 2021, whichever is earliest. The majority of our borrowers will not be in danger of exceeding the deadline to file forgiveness applications for several more months. Congress continues to negotiate additional stimulus which is expected to simplify the forgiveness process even more. We encourage borrowers whenever possible to wait for additional legislature which may lessen the burden on you when applying for forgiveness.
 
If you have any questions, please reach out to your relationship manager.
 

As we await final legislation and guidance on the forgiveness parameters, Firestone Financial wants our staff and borrowers to be fully educated on the process and parameters of the forgiveness aspect of the Paycheck Protection Program.


Required documents may include second quarter 941 payroll reports and July statements for utilities, rent and/or mortgage statements to include the pro rata share of eligible expenses for forgiveness.

If you want to submit your application sooner, speak to your relationship/account manager or email sbppp@berkshirebank.com.

PPP FORGIVENESS UPDATE:

  • Please review the library of resources  found below, in chronological order of release.
  • The original parameters around forgiveness have been amended by the PPP Flexibility Act. We still need final guidance from SBA/Treasury based on this legislation. 
  • The PPP Flexibility Act states that 60% of the loan proceeds are to be used for payroll and 40% can be used for other eligible expenses.
  • The PPP Flexibility Act elongates the period to spend the proceeds of your PPP loan from 8 weeks to 24 weeks from receipt of the loan or an alternative date that coincides with your first day of the next payroll cycle after you received the proceeds.
  • The Forgiveness Application is provided in the library below for review as you collect materials to apply. Firestone Financial will automate the process with an online, user-friendly application with some of the information pre-populated.

Resource Library for PPP Forgiveness

  • The library below is pulled directly from the Treasury.gov website with all the FAQs and Interim Final Rules that have been posted. Firestone Financial will update this page as additional guidelines are released by Treasury and SBA.
    The team at Firestone Financial appreciates the stress and anxiety that this Pandemic has caused, not to mention the recent social unrest which has further impacted small businesses. While we cannot solve all the issues facing your small business, we hope to make the forgiveness phase of the Paycheck Protection Program a little easier.

Your Relationship/Account Manager can answer any questions you may have about the Forgiveness application process - you can reach out to them directly or contact the our PPP Assistance Team at 44SBAAssistanceTeam@berkshirebank.com.

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