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Go to COVID-19 Home > Loan Relief & Aid Programs
Loan Relief & Aid | Paycheck Protection Program
PPP Loan Forgiveness Application
Northrim will email PPP applicants a link to a secure online portal and supporting documentation for submittal of PPP Loan Forgiveness applications.
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 you 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.
For questions regarding your PPP application, please call us at 907-341-6384.
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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