Paycheck Protection Program
Small Business Administration - PPP
A Message to Existing SBA PPP Borrowers:
As you are undoubtedly aware, in order to have the loan forgiven, the loan proceeds must be used for payroll (minimum of 75%), the remaining can be used for rent expense, utilities and eligible interest. Please click here for a copy of the SBA PPP Forgiveness application. This has been recently released by the SBA and will be needed when applying for Forgiveness under the Paycheck Protection Program (PPP). The form provides instructions and guidance for completion of the application. We are expecting that addition guidance is to come that will answer questions you have after your review. Please see information contained in the Interim Final Rules and FAQs at Treasury.gov.
Since specifics on what information is required have yet to be released, we are recommending that you start preparing the documents to support the use of your loan proceeds with payroll records, copies of payroll checks, copies of payments for employer portion of health insurance and benefit contributions, cancelled checks and copies of utility bills, rent payment and eligible interest payments. Additional information may be required.
West Suburban Bank plans to provide a portal which you will be able to submit collected data to us. More information will be provided on this process as we learn more from the Treasury and SBA on the Forgiveness Process.
We are providing you with this sample spreadsheet which you can use to help record the use of your loan proceeds. Please save a copy to your computer before using the spreadsheet. Since final guidance has yet to be released, this spreadsheet should be considered a guide ONLY and not to be relied upon for determination of your loan being forgiven.