PPP Loan Forgiveness Process Webinar.

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This Just In...

August 4, 2020: We are starting the forgiveness process. As we await word on possible legislation that would provide a "blanket forgiveness" for loans under $150,000, we are starting to process small batches of loans over $150,000. This site will update as we learn more about the legislation being debated in Congress currently.

If you have questions about the SBA PPP Forgiveness process, please check our Frequently Asked Questions section. We will update this regularly
July 30, 2020: The process of obtaining SBA PPP forgiveness will change if the Continuing Small Business Recovery and Paycheck Protection Program Act introduced in Congress becomes law. We anticipate a decision shortly and will communicate as new information becomes available.
June 17, 2020: NEW INTERUM RULES FROM SBA:
The SBA, on , issued (yet another) interim final rule for the SBA PPP program. This is great news for the self employed as it virtually ensures full forgiveness for self-employed, freelancers and independent contractors according to Forbes.com. Read the Article
Here is a link to the unpublished rule. Read the Rule
And, here is a link that explain the rule in more understandable English. Read the Article
The Bank will have an ONLINE Application (even the EZ form) so please wait until you get an email from us to start your PPP forgiveness paperwork!

SBA PPP Loan Forgiveness

Frequently Asked Questions:

My link doesn't work, what do I do?

Contact the Bank and request a new PPP Forgiveness Link be sent to you.

I lost my link, what do I do?

Contact the Bank and request them to forward you the PPP Forgiveness Link

I don't remember my PIN, what do I do?

Click on Forgot my PIN on the login screen, this will allow you to re-set your PIN

I am going to have my bookkeeper or employee fill this out for me. Do I need to sign? And how does that work?

Yes, eventually you will need to sign. Your bookkeeper or employee will enter your name and email on the PPP Forgiveness application as "Authorized Representative of Borrower" section located at bottom of application.

Am I ready to process the SBA PPP Loan Forgiveness?

If you have used the funds or the covered period of 8 or 24 weeks has passed, you are ready to begin the SBA PPP Loan Forgiveness Process.

Timeline

10Aug

Martha's Vineyard Bank PPP Forgiveness Application live

August 10, 2020

24Weeks

Loan Origination Date (SBA Acceptance) +24 weeks use of funds

+24 Weeks

31Dec

Deadline to file for forgiveness

December 31

What you will need:

(Subject to change)

You applied for the PPP as a:

Expenses Eligible for Forgiveness

Requirements

Supporting Documents Required

Sole proprietor or partnership WITH eligible employees

24 weeks of "owner compensation"
Payroll expenses equivalent to 24 weeks of your average payroll prior to COVID-19
Rent, utilities and mortgage interest (if they're eligible to be deducted on a business tax return)

At least 60% of the loan amount is used for payroll costs.
You maintain full-time employee equivalent headcount
You don't reduce employee wages by more than 25%
Rent/utility/mortgage contracts were in place before 2/15/2020

2019 Form 1040 Schedule C or Form 1065 Schedule K-1
Payroll reports for the 24 weeks beginning the date you received your loan OR the 24-week period beginning the first day of the first pay cycle after you received your loan (for pay cycles that are biweekly or more frequent)
Verification of healthcare or retirement contributions
Rental/lease agreement or mortgage statements
Utility statement

LLC, corporation or non-profit WITH employees

Payroll expenses equivalent to 24 weeks of your average payroll prior to COVID-19
Rent, utilities and mortgage interest (if they're eligible to be deducted on a business tax return)

You maintain full-time employee equivalent headcount
At least 60% of the loan amount is used for payroll costs
You don't reduce employee wages by more than 25%
Rent/utility/mortgage contracts were in place before 2/15/2020

Payroll reports for the 24 weeks beginning the date you received your loan OR the 24-week period beginning the first day of the first pay cycle after you received your loan (for pay cycles that are biweekly or more frequent)
Verification of healthcare or retirement contributions
Rental/lease agreement or mortgage statements
Utility statements

Sole Proprietor or partnership WITHOUT eligible employees

See the latest information on the SBA PPP EZ form that will be integrated into our online application system.

Preview online PPP Forgiveness Application

You will receive an email with a unique web address. Clicking on the link will take you to a page to enter a PIN number.

If a bookkeeper or office manager is filling out the form, you will need the PIN to sign.

Download Sample Worksheet

Coming Soon

We will guide you through the process.