The SBA has not provided final guidance regarding the Forgiveness Program. As soon as they do, we will open our online portal so that borrowers can submit their Forgiveness Application. We will notify you via email when you can begin your Forgiveness Application. 

Depending on your funding date, you have received an email inviting you to register for Valley’s Forgiveness Application portal. You must register to be able to access the portal. Once registered and Valley opens the portal, you will be able to complete the application within the portal and upload the required documentation.

You can also designate another individual to have access to the portal to assist you with the preparation of the application if you wish.

No, Valley will not accept paper or e-mailed applications. Borrowers must register and submit their application through our easy-to-use online portal.

We have 60 days from the receipt of a completed Forgiveness Application to review and submit to the SBA. The SBA has 90 days from receipt of that application to confirm the Forgiveness amount.

To calculate your PPP loan forgiveness amount, follow the appropriate forgiveness application and instructions.

We will provide some critical information from your PPP Application that you will need to verify in order to complete your Forgiveness Application. These include the loan number, loan amount and the borrower name. However, it is up to the borrower to calculate the Forgiveness Amount and upload the required documentation.

These required documents include:

• Payroll reports from your payroll provider

• 2019 Payroll Tax Filings (Form 941)

• Bank account statements providing qualified payroll, mortgage/lease payments or utility expenses

• Schedule of employees, including name and compensation 

• Income, payroll and unemployment insurance filings from your state

• Documents verifying retirement and health insurance contributions

• Documents verifying your eligible interest, rent, and utility payments if these are being claimed

• Documents evidencing any FTE safe harbor exemptions

• If applicable, any EIDL Advance amount and application number

See below for sample Forgiveness Application and Instructions.

For the balance of the loan that does not qualify for forgiveness, the borrower will need to make principal and interest payments based on the loan terms disclosed in the note signed at closing.

The Paycheck Protection Program Flexibility Act of 2020, signed into law on June 5, 2020, amends the PPP to give borrowers more freedom in how and when loan funds are spent while retaining the possibility of full forgiveness. The two biggest changes are:

• The eight-week period to use your PPP funds has now been extended to 24 weeks.

• Previously, you had to spend at least 75% of the funds on payroll. You now need to spend only 60% of the funds on payroll.

If you didn’t find the answers you’re looking for, be sure to reach out to a personal banker.