The Paycheck Protection Program for business recovery

The Federal Government's Coronavirus Aid, Relief, and Economic Security (CARES) Act is an emergency relief program created to help businesses recover.

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Questions you might have and what you should know Questions you might have and what you should know

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Completed applications are subject to SBA approval and funds are contingent upon availability of the federal PPP, which is finite and subject to a cap. It is extremely important that the application is complete, including all supporting documentation. We cannot submit an incomplete application to the SBA for approval. Please contact your Webster Business Banker or call 800-325-2424 to apply.

PPP loan forgiveness

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Thank you for choosing Webster for your Small Business Administration (SBA) Paycheck Protection Program (PPP) Loan. You’re likely considering the next step of applying for loan forgiveness from the SBA.

The Paycheck Protection Program Flexibility Act was passed on June 5th and provided additional flexibility within the forgiveness component of the Act. These changes may have impacted the timing for businesses to apply for forgiveness. We encourage our PPP customers to check in regularly at the US Treasury’s website for more information.

The Small Business Administration (SBA) issued guidance that Lenders may begin submitting loan forgiveness decisions to the SBA starting on August 10, 2020, subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system. We will update this page with specific instructions and a link to our digital application on August 10. 

Questions you may have about applying for loan forgiveness Questions you may have about applying for loan forgiveness

Disclaimer

* Payroll costs are capped at $100,000 per employee.

All loans and lines are subject to credit approval.