Paycheck Protection Program (PPP) Loan Forgiveness
Congratulations on your receipt of a Paycheck Protection Program (PPP) Loan and thank you for the opportunity to be your lender. The COVID-19 pandemic has created significant challenges and we are thankful for businesses like yours that provide services within our communities.
While D.L. Evans Bank is not currently accepting applications for PPP Loan Forgiveness, we wanted to update you on our efforts to prepare for your application, along with a general outline of how the process will work.
How to Apply for Forgiveness (The PPP Loan Forgiveness Portal)
D.L. Evans Bank has partnered with Fiserv, our primary lending technology solution provider, to provide a secure online portal for processing PPP Loan Forgiveness applications. The portal provides everything needed to complete the application, submit for lender review and comment, and make subsequent changes if needed:
• Secure web-based access with two factor authentication
• Borrower loan details pre-filled from our loan system
• Borrower questions mirror the SBA’s application format with applicable instructions
• Ability to upload support documentation directly to the portal
• Automatic calculations based on borrower data inputs
• PPP Loan Forgiveness Knowledge Center is only a click away
STEPS to Gain Portal Access
1. D.L. Evans Bank will send the borrower an automated e-mail to access the portal.
2. The e-mail will contain a link for the borrower that will initiate the login process for the portal.
3.Once the initial login process is complete the borrower will be taken to their specific loan application within the portal; from there, it mirrors the applicable SBA forgiveness application.
Bank Review of the Forgiveness Application
The Bank’s review team will consist of bank employees with significant knowledge of the Paycheck Protection Program. They will be given the time and resources to provide a consistent, reliable approach when reviewing our borrowers’ forgiveness applications.
The Bank intends to invite borrowers to apply via email in phases to avoid an overwhelming amount of applications and related processing activity.
Timing for Accepting Applications
Key reasons for waiting to accept Forgiveness Applications:
1. Allow time for Senate Bill S.4117 to become a law. The general goal of this bill was to allow borrowers to execute a one page certification indicating compliance with the forgiveness guidelines and receive automatic forgiveness if their loan amount was $150,000 or less. If passed, this legislation would result in significant time savings for most PPP borrowers.
2.Borrowers have at least 10 months after their chosen covered period, 8 or 24 weeks, for expenses before any payments could be due. As a result, even if the shorter covered period of 8 weeks is chosen, the earliest any payment could be due would be April of 2021. Accrued interest, along with the corresponding principal balance, is also included in any forgiveness. There is no penalty for waiting to apply or being asked to wait for forgiveness.
3.The recent changes and proposed changes to the Forgiveness process are widely considered beneficial to borrowers.
We anticipate accepting applications in the near future. In the meantime, if you have any questions please contact your local branch. We will continue to update this page with new information as it becomes available.
We appreciate your business. Thank you for banking with us.
Printable version of this update available here.