PAYCHECK PROTECTION UPDATE - May 4, 2021
The Small Business Administration announced on May 4, 2021 that Paycheck Protection Program funding has been exhausted. Savings Bank of Danbury will no longer be accepting PPP applications.
Customer Information on how to Apply for SBA PPP Forgiveness
Savings Bank of Danbury is proud to have assisted hundreds of companies and to have helped preserve thousands of jobs through our participation in the SBA PPP Program. Small Business Customers who have been funded for a Savings Bank of Danbury PPP loan should begin gathering the required documentation and information in order to complete the SBA’s PPP Loan Forgiveness Application.
It is important to note that loan forgiveness is not automatically granted by the SBA. The request for loan forgiveness must be made through Savings Bank of Danbury.
PPP Forgiveness Resource Page:
- We have created a dedicated resource page that includes instructional videos, FAQ’s, checklists, and other important information that will help guide you through the Forgiveness process. We encourage you to visit this site, to familiarize yourself with the Forgiveness requirements and process. You should also consult with your accountant during this process. CLICK HERE to access the PPP Forgiveness Resource Page.
How should I request loan forgiveness for my PPP loan?
When your loan enters the eligible forgiveness period (minimum 8-week mark from the initial disbursement of funds), you will receive an email from a Savings Bank of Danbury representative with a link to our online PPP Forgiveness Application. This secure link will allow you to complete the PPP Loan Forgiveness Application and upload all required documents. We are not able to accept PPP Forgiveness Applications outside of the platform within the secure link.
The Application will require that you certify and provide the required documentation indicating that you used the loan funds for the allowable expenses.
Forgiveness Applications will be reviewed by Savings Bank of Danbury; the Bank will forward the applications to the SBA, who will decide on the loan forgiveness amount.
Savings Bank of Danbury will let you know as soon as the SBA decides on your forgiveness amount.
If you have any questions, please email PPPQuestions@sbdanbury.com or call 203-830-4391. Thank you.