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SBA PPP Loan Forgiveness

The SBA has opened the window for local businesses and nonprofits to apply for Paycheck Protection Program (PPP) loan forgiveness.

 

There are two applications available.  Most PPP recipients can take advantage of the shorter, EZ application form that is found here:  PPP Loan Forgiveness Application Form 3508EZ.  In the event your business cannot use this short form application, the other application is available here:  PPP Loan Forgiveness Application.

 

Congress continues to discuss a new stimulus package, and one version of that bill includes automatic loan forgiveness by borrower certification for all PPP loans under $150,000.  We will monitor progress on this legislation and provide updates if this option becomes available. 

 

If your business or nonprofit has a PPP loan with us and you have additional questions, please let us know.  As always, we are proud to be Owatonna’s only locally owned community bank, and we very much appreciate your business and continued support.    

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