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We intend to begin accepting PPP loan forgiveness applications in mid-March. This includes a simplified forgiveness application for PPP loans of $150,000 or less. We will begin by sending email invitations to access our digital forgiveness application portal to customers who had a First Draw PPP loan that originated in 2020.
Per the SBA guidelines, the loan amount a business may request will be based on the average monthly payroll cost, multiplied by 2.5 (or, for businesses with a NAICS code starting with 72 applying for a Second Draw PPP loan, multiplied by 3.5).
Additional covered expenses are eligible for forgiveness, and a simplified forgiveness process will be available for loans of $150,000 or less. We expect to receive additional guidance from the SBA on this process, including the revised loan forgiveness application form, soon.
Subject to credit approval and program guidelines. SBA loans are subject to SBA eligibility guidelines. Certain restrictions apply to refinancing options and are subject to program terms. Refinances of existing SBA loans are excluded.
Financing maximums and terms are determined by borrower qualifications and use of funds. U.S. Bank and its representatives do not provide tax advice. Consult an advisor regarding a particular financial situation. Credit products are offered by U.S. Bank National Association.
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