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Loan Relief & Aid | Paycheck Protection Program
Forgiveness Application Update for Loans Under $50,000
Recipients of PPP loans under $50,000 have been sent email notification regarding requirements for completing PPP loan forgiveness requests online. Northrim’s PPP Forgiveness Application web page contains a video telling how to complete form 3508S, which is required for loan forgiveness (scroll to the section labeled “S Form for Forgiveness”). Please note that PPP loan customers have 10 months from the end of the covered period to file for forgiveness and payments are deferred during this time.
Forgiveness Application Update for Loans $50,000 – $150,000
The final forgiveness process for PPP loans in the amount of $50,000 – $150,000 continues to be reviewed as we wait for Congress to make a decision on streamlining this process. Businesses with loans for these amounts will be notified when additional details become available.
FORGIVENESS APPLICATION HELP & INSTRUCTIONS
Northrim has created an online resource to help you understand the PPP Forgiveness application. This information and step-by-step videos will walk you through the process to complete your application.
PPP Forgiveness Update
As the Covered Period for CARES Act PPP Loans nears the end, we wanted to provide an update regarding this program.
Next week PPP loan recipients will receive a letter in the mail from Northrim explaining the change in repayment terms of PPP loans as directed by the SBA. When PPP loans were initially originated, the SBA required payments to be deferred for six months. This requirement has changed based on the enactment of the PPP Flexibility Act of 2020. Changes impacted the length of the PPP Forgiveness covered period and the deferral period. As a result of these changes:
We recognize that the SBA's unprecedented aid program continues to evolve, and remain committed to helping you navigate this process. We understand many of you may be waiting to see if the program will be updated to streamline the forgiveness of PPP loans of less than $150,000. We encourage you to monitor the SBA website for updated guidelines.
Outlined below are key elements to consider when gathering your PPP documentation and for finding help when applying for PPP Forgiveness.
1. VERIFY ELIGIBLE EXPENSES
To qualify for PPP Forgiveness, PPP funds must be used for one or more of the following expenses billed or incurred in the 8- or 24-week covered period after you received your loan:
Use the PPP Forgiveness Checklist to verify the expenses and the associated documents needed to submit with your PPP Forgiveness application.
2. UNDERSTAND POTENTIAL MISSTEPS
You'll owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8- or 24-week covered period after you received the loan. Payroll costs must represent at least 60% of the PPP Forgiveness amount.
You may also owe money — and your PPP Forgiveness amount may be reduced — if you do not maintain your staff and payroll, such as:
You might avoid a reduction in PPP Forgiveness if you restore your full-time employment and salary levels by Dec. 31, 2020. You may also avoid a reduction in PPP Forgiveness if you can document an inability to return to your standard level of business activity due to compliance with COVID-19 mandates or guidance.
3. GATHER DOCUMENTATION
Documentation requirements are subject to change, but your business will likely need to submit documentation to:
Download the PPP Forgiveness Checklist to verify the documents needed to submit with your PPP Forgiveness application.
4. APPLY FOR PPP LOAN FORGIVENESS
Northrim has created a secure portal with Sageworks to assist you with your PPP Forgiveness request. You will receive a unique link via email from your loan officer to access your PPP Forgiveness application which is prefilled with information from your PPP application. Verify your information and update if necessary. Upload all required documents before clicking Submit Application. The PPP Forgiveness Checklist will help determine required documentation.
Do not click Submit Application until finished uploading the required documents.
5. UNDERSTAND THE TIMEFRAME FOR PPP LOAN FORGIVENESS
Once you submit your completed application, Northrim has 60 days to review it. You will hear from us during that time if we have any questions. We will then submit your application to the SBA, which has 90 days to review and respond to Northrim.
6. MANAGE FUNDS THAT AREN’T FORGIVEN
After submission of the PPP Forgiveness application, Northrim will notify you of the PPP Forgiveness amount provided by the SBA. If there is a remaining amount owed, Northrim will notify you of the amount due and when the first payment is required. In addition, we will notify you if your PPP Forgiveness application is rejected or denied.
The Small Business Administration Paycheck Protection Program (PPP) closed Aug. 8. Northrim is no longer accepting applications for this program. Information regarding any PPP updates, changes or new COVID-19 aid programs will be posted on this page.
BEWARE OF FRAUD
Since the list of PPP recipients who received loans was ordered to be made publicly available by the government, chances for fraud increases dramatically.
Be advised, Northrim works with our approved vendor, Abrigo, leveraging their platform named Sageworks, to process your applications and ensure your privacy. Please beware of fraud attempts that may look like sales messages or offers of PPP forgiveness process consolidation. Scammers may ask for personal information such as account numbers, Social Security numbers or dates of birth and other details about you or your employees. Northrim will never initiate contact with customers asking for this type of information. Please call Northrim at 800-478-2265 if you suspect malicious activity or have any questions.
Help is available 24/7 at 907-562-0062 or 800-478-2265. Please contact us Monday-Friday, 8 am - 6 pm for specific or detailed inquiries regarding products or services. General account assistance is available after business hours.
PPP Forgiveness Factsheet
This handout from the SBA provides an overview of what is needed to apply for PPP loan forgiveness.
PPP Forgiveness Checklist
This checklist will help you verify the expenses and the associated documents needed to submit with your PPP Forgiveness application.
Use of PPP funds FAQ
This handout gives PPP loan recipients some guidance on the use of PPP funds.
PPP Rules and Regulations
This document contains the PPP Rules and Regulations posted in the Federal Register.
Call Us: 907-562-0062 or 800-478-2265
Routing Number: 125200934
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