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Small Business owner managing her finances - PPP Loan Forgiveness Information

PPP Application and Loan Forgiveness

Century Bank is committed to making the Paycheck Protection Program (PPP) application and forgiveness process as simple as possible. The Century Bank Application and Forgiveness Portal is an easy and secure way to submit your applications.

New PPP applications

All applications must be submitted online through the portal.  

Please be prepared to upload the following documents to the portal:

  • The Century Bank deposit account number for funds distribution.
  • Payroll statement, or similar documentation, for the period covering February 15, 2020. This is required to establish the entity was in operation on that date.
  • All pages of the 941 tax form for each quarter of 2019 or 2020, that will be used to calculate the loan amount, and state quarterly wage unemployment insurance tax reporting forms, or equivalent payroll processor records. If applicable, evidence of any retirement and health insurance contributions for the same period.
  • Management prepared income statement or tax returns documenting revenue reduction of more than 25% for 2020 vs. 2019. Comparison permitted by quarter or annually.
  • Business Certificate or Articles of Incorporation, as applicable.
  • Documentation sufficient to demonstrate the qualifying payroll amount to establish eligibility. These may include, payroll records, payroll tax filings, IRS Form 1065 (including K-1’s), 2019 W-2’s for owners, Form 1099-MISC, IRS Form 1040 Schedule C or F, or bank records, as applicable.
  • Additional information may be required.

Applications must be completed by owners of 20% or more of the business.

Please watch the Borrower Tutorial video (below) and review the forms and instructions in the “Helpful Links” tab in the portal. You will avoid processing delays by submitting complete and accurate applications.
All application documentation is reviewed prior to being submitted to the SBA. You will be notified of any errors or missing documentation.

Visit the SBA’s website for the most up-to-date eligibility requirements.

Application and Forgiveness Portal

Please be advised that borrowers are responsible for any fees due to Agents contracted by the borrower to assist with completing their PPP loan application. Century Bank does not contract agents to assist with producing SBA loans and will not be obligated to compensate any fees due to agents in connection with PPP loan application. Agents include, but are not limited to, any authorized representative of the PPP applicant, such as an attorney, accountant, consultant, or any person or entity that has provided services to aid the applicant in the preparation of the application and is employed or has contracted with the applicant, a loan broker, or any other individual or entity representing an applicant.

Forgiveness application:

Please have the following information:

  • EIN or SSN associated with your PPP loan
  • SBA loan number (located on your loan Note)
  • Loan amount (located on your loan Note)

Application and Forgiveness Portal

Once you create your account, you will be able to log in and submit your PPP Forgiveness application by clicking, “Apply for Forgiveness.” Applications do not need to be completed in one session.

While you are logged in to the portal, you will notice a button, “Ask an Accountant.” This feature allows you to ask a CPA from Wolf & Company, P.C. any PPP-related questions; you can expect a reply within 24 hours. This service is only to respond to general PPP-related questions, it is not for the review of any documentation.

Once you submit a complete PPP Forgiveness application, Century Bank has up to 60 days to review and submit our PPP Loan forgiveness decision to the SBA. The SBA then has up to 90 days to make its decision on the loan forgiveness amount. However, we don’t expect the decisions to take this long. 

You will receive email notifications once Century Bank has made a decision and once the SBA has made its decision. 

You will also receive an email from DocuSign for you to sign the PPP Forgiveness application electronically. 

You can log in to the portal at any time to see the status of your application.

The U.S. Treasury published FAQs on PPP Loan Forgiveness. This guide may answer a lot of your forgiveness-related questions. Please contact your local branch manager if you need further assistance.

View slides from a webinar recorded on Sept. 23, 2020 with our partners, Wolf & Company, P.C. Topics include: 

  • An overview of the forgiveness process
  • A walk through on how to fill out the application
  • Review of exactly what qualifies for forgiveness

 FAQs

Q: During Century Bank’s review, will there be any communication with borrowers? Will I be notified when the bank's review is complete?
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. 
Q: Can I fax supporting documentation?
A: No, documents must be uploaded into the portal.
Q: Should I submit the application and enter data into the portal or does the portal replace the application form?
A: The portal replaces the application form.
Q: Where can I get my SBA loan number? I do not have the loan papers.
A: Please contact your branch manager.
Q: I had an employee leave voluntarily, does this affect our reduction in FTEs? What if a replacement was hired? 
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. 
Q: I reduced the hours for a salaried employee, but paid them an hourly rate based on their salary before their hours were reduced, can I still use the EZ form?
A: As long as the reduction in salary was not greater than 25%, you can still use the EZ Form.
Q: Do health care costs get added to payroll? Our health plan premiums are paid monthly. Since the covered period will not neatly line up with a calendar month, what documentation will be required to prove these amounts?
A: Health care costs paid by an employer for health, dental and vision are eligible for forgiveness with some restrictions. Cancelled checks and/or premium invoices are good documentation to support these amounts.
Q: If the loan was mainly used for payroll expenses, can non-payroll expenses within the covered period be included?
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.
Q: Are expenses like mortgage payments, heating oil and gas for vehicles eligible for forgiveness? 
A: Mortgage payments are not eligible, however heating oil and gas for vehicles are.
Q: Can I submit loan forgiveness before the end of the 24 week period? If I apply early, do I need to do a pro-rated calculation for the $100k compensation cap for non-owner employees and owner-employees?
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. 
Q: My loan note payments are scheduled to start in December 2020, do I still have 10 months from the end of the alternate 24 week period before I have to make a payment?
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.
Q: I don't have a payroll company. Is there a worksheet I can use to calculate average FTE for reference periods?
A: Yes. https://future.aicpa.org/resources/download/ppp-loan-forgiveness-calculator-excel