The Paycheck Protection Program (PPP)
The PPP was formed under the CARES Act and administered by the SBA to make loans to businesses impacted by COVID-19. This unique program includes a provision for the SBA to forgive up to the full amount of the loan, if used for eligible expenses. The new deadline for SBA approval of PPP loans is August 8th, 2020.
We are accepting applications for PPP loans.
PPP Loan Forgiveness Update
What You Need to Know
- We expect to begin processing forgiveness applications in the end of July.
- All applications for forgiveness will be processed online in order to help streamline the process.
- Borrowers who received loan approval prior to 6/5, do not need to let Seattle Bank know if they are opting for the 8-week or 24-week covered period. They will indicate their choice when they apply for Forgiveness.
- Borrowers have up to 10 months after the expiration of their covered period to submit their forgiveness application, so there is time to obtain answers for those questions that the SBA has not yet resolved.
We will provide further information as we get closer to launching the forgiveness application site, and PPP borrowers will be contacted by email once the process has started.
Phone: (206) 281-1500
Email: [email protected]
You can sign up for Seattle Bank Small Business Relief email updates here.