A MESSAGE TO OUR CUSTOMERS REGARDING THE FORGIVENESS APPLICATION ASSOCIATED WITH YOUR PAYCHECK PROTECTION LOAN OF $50,000 OR LESS:
On October 8, 2020, the US Small Business Administration (SBA) issued another Interim Final Rule under the CARES ACT. This rule provides immediate relief in the form of a simpler loan forgiveness application that is available to qualifying borrowers of Paycheck Protection Program (PPP) loans of $50,000. or less. Click here for the new Form and Instructions.
Please note the following:
- The new SBA Form 3508S may only be used if the total PPP loan amount received from the Lender was $50,000. or less;
- The form requires fewer calculations and less documentation from eligible borrowers primarily because borrowers of $50,000. or less have been exempted by rule from certain provisions of the CARES ACT; borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages;
- SBA Form 3508S also does not require borrowers to show the calculations used to determine their loan forgiveness or wages;
- The two-page forgiveness application, Form 3508S, includes certifications from the borrower; borrowers are required to retain all documentation supporting their certification for six years, but do not need to submit it to their lender;
- Providing an accurate calculation of the loan forgiveness amount is the responsibility of the borrower, not the lender.
Please read all instructions and the application in its entirety. It is the responsibility of the borrower to complete and certify the application correctly. Once the application has been submitted to New Haven Bank, we will submit your application.
The SBA has six weeks to process the application after it is received by the lender.
Please contact Bill Hice at 203-787-9513 or whice at newhavenbank dot com with any questions.
PPP LOAN SCAM ALERT: Please be aware that the SBA is not currently conducting in person site visits. It has been reported that fraudulent SBA representative credentials are being used to contact PPP Loan customers to conduct site visits in an attempt to fraudulently obtain confidential information. You can reach the SBA directly at 1-800-827-5722 with any questions or concerns.