PPP Loan Forgiveness Portal
On Monday, August 10th, the SBA opened up the PPP Forgiveness Portal which should allow us to formally submit PPP loans to the SBA for forgiveness. Per a revision by the SBA, you may now submit your Forgiveness Application prior to the full 24-weeks passing provided you meet certain criteria. Please see page three for details:
If you have reached a level of payroll, rent and utilities that would grant you full forgiveness, we encourage you to submit your application prior to the 24-week mark, as we fully anticipate a bottleneck at that time.
Which Form Do I Use?
To determine which form to use, click on the EZ Loan Forgiveness Application Instructions for Borrowers link below. Review the first section to determine what form (Form 3508EZ OR 3508) fits your situation. If you wish to proceed, please use the Forgiveness Application links provided below.
For reference, here is a sample PPP Forgiveness Application detailing the proper order for submission to help you complete, organize and submit your PPP Forgiveness Application. The supporting documentation needs to be submitted in the manner shown in the sample whether you are using the EZ or Standard Application Form.
In addition, the SBA recently released a FAQ on PPP loan forgiveness that include new guidance on issues such as covered utility payments and eligible electricity supply charges.
SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the SBA Paycheck Protection Program (PPP)
The U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application:
The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. For more information: https://disasterloan.sba.gov/ela/.
SBA Disaster Assistance
The SBA declared Wisconsin eligible for disaster assistance. Here is the link to the application portal: https://disasterloan.sba.gov/ela/.
Also, below is a link to Wisconsin’s Small Business Development Center containing helpful information for all of the programs available in the state at this moment: https://wisconsinsbdc.org/services/covid-19/.
“Taking care of our customers and looking out for the best interest of our community is the way we do business.”
Paul Foy, president, Cornerstone Community Bank
Is Your Business Ready to Graduate…
from the SBA?
The SBA was there to help get you started. But now that you’ve worked hard building a successful business, it’s time to graduate. Let Cornerstone Community Bank help you shed those SBA fees and “floating” high interest rates. Our conventional financing options could save you thousands!
Contact the Cornerstone commercial lenders; they are ready to take you to the next level.
Direct: 262.437.7230; Cell: 262.777.0936
Todd Novotny (NMLS# 553933)
Direct: 262.546.1129; Cell: 262.339.1929
Ben Becker (NMLS#1807990)
Direct: 262.546.1101; Cell: 262.745.4568
Financing to Fit Every Need
We understand your small business because we are a small business!
Cornerstone Community Bank is committed to serving the needs of small and medium-sized businesses in our communities. We understand small business because we are a small business. As a locally-owned company we recognize the challenges and opportunities that present themselves on a daily basis to the small business owner. That’s why when your opportunity presents itself, we respond quickly–providing you with answers and solutions to help your business become more profitable.
We offer lines of credit to provide working capital, term loans, commercial real estate loans, letters of credit and loans for land development. We structure the loan to fit the needs of each individual business.
SBA Preferred Lender
Cornerstone Community Bank is proud to be a Small Business Administration (SBA) Preferred Lender. In February 2004, Cornerstone Bank was admitted by the United States Small Business Administration (SBA) into their Preferred Lender Program (PLP Lender). This designation is given to the SBA’s best lenders and it lets us provide our SBA loan customers with faster approvals and processing. Also, the SBA has presented us with its Volume Lender Award in recognition of the large number of SBA loans we facilitated.
“We are the only small, neighborhood bank with its headquarters in Ozaukee County that has achieved preferred lender status,” stated Cornerstone Community Bank President, Paul Foy. “What that means to our small business loan customers is fast, personal service. Cornerstone Community Bank makes all the loan decisions in-house so that things like character and history are considered. When timing is critical and there is a collateral shortfall, this is a huge benefit for our small business clients!”
Stop in and talk with Chris Zirbes in Menomonee Falls, Ben Becker (NMLS#1807990) in Slinger or Todd Novotny (NMLS#553933) in Grafton about your business loan needs. We make the decisions, we understand the circumstances, you get the prompt answers and the personalized service you deserve.
Chris Zirbes Ben Becker Todd Novotny
262.437.7230 262.546.1166 262.546.1129