Paycheck Protection Program Loan Forgiveness
Under the terms of the loan, up to 100% of your Paycheck Protection Program (PPP) loan is eligible for forgiveness if you meet certain criteria. The rules surrounding Paycheck Protection Forgiveness continue to evolve and it’s important that you stay up-to-date on the latest guidance by visiting the US Treasury and SBA websites.
The information below outlines how to apply for forgiveness. For detailed questions about your business and PPP loan forgiveness, please contact your accountant or financial advisor.
How do I request forgiveness?
Needham Bank launched an online portal where you can apply for PPP loan forgiveness. We have emailed our borrowers a secure link you can use to sign-in and complete your PPP loan forgiveness application. If you have not received an email, please email
[email protected] or call us during business hours at 781-474-5845.
What will I need to request forgiveness?
You will need to supply Needham Bank with documentation of your payroll expenses as well as mortgage interest, rent and utility costs from agreements dated before February 15, 2020. Once we receive your information, we will review and process your request for forgiveness based on the guidance established by the SBA. You will be notified of the decision after your completed submission is accepted and reviewed.
Some examples of documents you will need include:
- Form 941 (if you have employees) OR if you applied as a contractor, sole proprietor or partnership, 2019 1099-MISC forms OR Schedule C OR Schedule K-1
- Payroll processor records or state unemployment insurance tax reporting forms
- Bank account statements
- Documents showing employer contributions to employee health insurance, retirement plans or other costs eligible for forgiveness
- State quarterly business and individual employee wage reporting and unemployment tax filings
- Official/corporate documentary evidence of all costs for which you request forgiveness (for example, copy of company utility invoice and statement showing payments)
- Documents supporting any salary/wage reduction and job offer refusal calculations
How does the Forgiveness Portal Work?
We will guide you through a series of questions about your company, payroll and other allowable expenses. You will find helpful tips within the portal if you have questions. We also have a Paycheck Protection Program Forgiveness Job Aide for reference as you complete the online application.
If you have questions, please email [email protected] or call us during business hours at 781-474-5845.