PPP Update

Last week, I shared with you our plan to begin accepting PPP Loan forgiveness applications for our largest borrows on September 1 and following through in tiers over the next two months ending with our smallest borrowers. Again, our intent is to allow for the possibility that Congress will take action to grant statutory forgiveness to those who borrowed lesser sums, meaning they will not need to do this paperwork or seek expensive accounting and legal services.

While you are waiting for your turn at the PPP Loan forgiveness window, you can begin to make sure all of your records are in order and you have on hand the documentation and data you will need to complete our workbook (which will help you by automatically performing the calculations and completing the SBA-required forms).

To help you prepare, we have a handy checklist online at PPP Forgiveness webpage. You will also find updated FAQs to answer some of your forgiveness application questions.

If you missed last week’s announcement of our tiered forgiveness application windows, they are repeated here

  • Beginning Tuesday, September 1, 2020, Customers Bank will accept PPP Loan forgiveness applications from borrowers of $2 million or more. Applications from borrowers of smaller loans will not be accepted at this time. Borrowers who fit this description will receive detailed instructions about how to apply.

  • Beginning Tuesday, September 15, 2020, Customers Bank will accept PPP Loan forgiveness applications from borrowers of $1 million or more. Applications from borrowers of smaller loans will not be accepted at this time. The borrowers not previously notified will now receive detailed instructions about how to apply.

  • Beginning Tuesday, October 13, 2020, Customers Bank will accept PPP Loan forgiveness applications from borrowers of $250,000 or more. Applications from borrowers of smaller loans will not be accepted at this time. The borrowers not previously notified will now receive detailed instructions about how to apply. This date may be adjusted earlier or later based on application flow.

  • If Congress has not acted to grant statutory forgiveness to borrowers of small loan amounts, we will begin to accept applications from all borrowers on October 27. The borrowers not previously notified will now receive detailed instructions about how to apply. This date may be adjusted earlier or later based on application flow.

When your window is about to open, you will receive specific forgiveness application instructions, including how to access a secure Customers Bank online portal through which you will access the digital workbook with an integrated loan forgiveness application form, and be able to upload required supporting documentation. The workbook will give you step-by-step instructions for data entry and will make calculations for you. Being prepared by reviewing the checklist and gathering your documents and data will speed you on your way.