PPP Loan Forgiveness
Century Bank is committed to making the Paycheck Protection Program (PPP) loan forgiveness process as simple as possible. The Century Bank Forgiveness Portal is an easy and secure way to submit your PPP loan forgiveness application.
What you need to submit your application:
- EIN or SSN associated with your PPP loan
- SBA loan number (located on your loan Note)
- Loan amount (located on your loan Note)
Click below to view the recorded webinar with our partners, Wolf & Company, P.C. on September 23, 2020. You can view the webinar slides here. Included in this webinar:
- An overview of the forgiveness process
- A walk through on how to fill out the application
- Review of exactly what qualifies for forgiveness
A: Yes, Century Bank will communicate directly with PPP borrowers through the PPP portal. Through the portal, Century Bank will ask questions and/or request additional documentation if necessary. You can also initiate conversation with Century Bank through the portal. Borrowers will receive email updates from the portal whenever the application status changes.
A: No, documents must be uploaded into the portal.
A: The portal replaces the application form.
A: Please contact your branch manager.
A: Voluntary resignations during the covered period do not count against you as a reduction in FTEs. This remains true if a replacement was hired.
A: As long as the reduction in salary was not greater than 25%, you can still use the EZ Form.
A: Health care costs paid by an employer for health, dental and vision are eligible for forgiveness. Cancelled checks and/or premium invoices are good documentation to support these amounts.
A: Yes, at least 60% of the amount requested for forgiveness must be payroll costs. If 100% of forgiveness is payroll costs, the SBA do not need to documentation pertaining to any non-payroll costs.
A: Mortgage payments are not eligible, however heating oil and gas for vehicles are.
A: Yes, you can apply before the 24-week period. If using the 24 week covered period, the maximum amount of compensation eligible for forgiveness for a non-owner employee is $46,154 ($100,000/52 weeks X’s 24 weeks). If a shorter period is used, for example, 14 weeks, then the maximum amount of compensation eligible for forgiveness is $26,923 ($100,000/52 weeks X’s 14 weeks). For an owner-employee, if using 24 weeks, the maximum amount of compensation eligible for forgiveness is $20,833. This amount would need to be pro-rated as well, as follows. If applying after 14 weeks, the maximum amount of compensation eligible for an owner-employee is $12,152 ($20,833/24 weeks X’s 14 weeks). The AICPA, in their Town Hall meeting last Thursday, confirmed that this is the intention of the SBA.
A: Yes, payments are deferred until 10 months after the end of the covered period. If you do not apply for forgiveness by then, your payments will begin.
A: It will reduce your forgiveness. You will need to pay the $10k back.
A: Yes. https://future.aicpa.org/resources/download/ppp-loan-forgiveness-calculator-excel