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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If you received your Small Business Administration (SBA) Paycheck Protection Program (PPP) Loan proceeds, you’re likely considering the next step of the PPP process by applying for loan forgiveness from the SBA.

The Paycheck Protection Program Flexibility Act provides additional flexibility within the forgiveness component of the Act. The changes include:

  • Creating greater flexibility on the use of Loan funds. For example, lowering the required Loan Amount percentage that must be spent on payroll-related costs from 75% to 60%
  • Lengthening the Covered Period businesses have to use the Loan proceeds from 8 weeks to 24 weeks
  • Extending the June 30 deadline to rehire workers until December 31, 2020

These and other changes may impact the timing for you to apply for forgiveness.

Webster’s Small Business Administration PPP forgiveness application process will be available soon, pending additional guidance from the Treasury and the SBA.

Disclaimer

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

All loans and lines are subject to credit approval.