Paycheck Protection Plan Forgiveness
Details about the Paycheck Protection Program (PPP) continue to emerge and, in some cases, change. This information is not advice, is a summary provided as a courtesy only for our customers, and is based on the latest information from the Small Business Administration (SBA). Any of the listed requirements or details are subject to change, and any future instructions or interpretations from the SBA will supersede any information provided here. The most recent information about PPP loan forgiveness or the Coronavirus Aid, Relief, and Economic Security (CARES) Act may be found at SBA.gov and Treasury.gov. Each borrower is obligated to understand and abide by the SBA’s rules, and we encourage you to check those sites frequently for updated information.
Customers Bank does not offer tax or legal advice, and this information does not address all provisions of the CARES Act. Customers Bank recommends that borrowers consult their tax advisors and/or legal counsel with questions about PPP eligibility, the CARES Act, and how the borrower’s specific financial situation may impact the advisability of applying for a PPP loan or a borrower’s eligibility to qualify for forgiveness of a PPP loan.