Apply for PPP Loan Forgiveness Now
Important Notice
Please note, borrowers can apply for loan forgiveness processing directly with Westfield Bank through March 30, 2022. After that date, borrowers will need to complete the loan forgiveness process with the U.S. Small Business Administration (SBA) through the SBA Forgiveness Portal.
About the PPP Program
On December 27th, the Economic Aid Act was signed into law, part of which expanded loan forgiveness under the Paycheck Protection Program (PPP). First and Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
First and Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained
- The loan proceeds are spent on payroll costs and other eligible expenses
- At least 60% of the loan proceeds are spent on payroll cost
Have Forgiveness questions? View our PPP FAQ page below.
Additional Information
Loan Forgiveness Timeline
Westfield Bank has 60 days from receipt of a completed forgiveness application to issue a decision to the U.S. Small Business Administration (SBA). If we determine that you are entitled to forgiveness of some or all of the amount you applied for under the statute and applicable regulations, we will request payment from the SBA at the same time we issue our decision. The SBA will, subject to their own review of the loan or loan application, remit the appropriate forgiveness amount to Westfield Bank, plus any interest accrued through the date of payment, not later than 90 days after we issue our decision to the SBA.
Reminder: You must complete a loan forgiveness application to avoid being subject to paying principal and interest payments per the terms of your note. In addition, borrowers must adhere to the timelines set by the SBA for both the covered period and the forgiveness application deadline.
Questions?
Please contact your Commercial Loan Officer for more information regarding the Forgiveness Process. As always, thank you for choosing Westfield Bank.