Small Business Administration Paycheck Protection Program

As part of the Coronavirus Aid, Relief, and Economic Security Act, the Paycheck Protection Program (PPP) provides economic disaster relief to small businesses via the Small Business Administration (SBA). The program provides forgivable loans to businesses to cover payroll costs, rent, utilities, and mortgage interest payments. Sandy Spring Bank has helped more than 5,200 small businesses secure over $1.1 billion in PPP loans.

We are no longer accepting applications for Paycheck Protection Program loans. If you have already applied, please be sure to read this important notice on self-certification of PPP eligibility.

PPP Repayment Guidelines
The U.S. Congress has revised the PPP so that borrowers are no longer required to begin repayment six months after the date of the loan.

Instead, monthly principal and interest payments will commence on the date on which the portion of the loan that is forgiven is transmitted to the lender. These changes are intended to give borrowers the opportunity to complete the forgiveness application process before any payments are due.

Once Sandy Spring Bank launches the PPP forgiveness application, you can complete your application for forgiveness of your PPP loan with us. We will then notify you when we receive the forgiveness amount from the Small Business Administration. If the forgiveness amount is less than 100% of the PPP loan balance, we will also inform you of the amount of your monthly payment and the date on which your monthly payments are due.

If you fail to apply for forgiveness of the PPP loan within ten (10) months after the last day of the 8- or 24-week covered period for using the PPP loan proceeds, you must begin making monthly principal and interest payments. In such event, the Bank will specify the date on which your monthly payments are due.

PPP Loan Forgiveness
Please know that we’re here to help as you prepare to request forgiveness. The Paycheck Protection Program Flexibility Act of 2020 made significant changes to the PPP. An overview is available on the U.S. Treasury Department’s website. As guidance and regulations on PPP and the Flexibility Act become available, this site will be updated.

On October 8, the U.S. Treasury and the SBA announced streamlined forgiveness for certain borrowers with loans of $50,000 or less* and released Form 3508S, a new application. For reference, instructions for Form 3508S are available here. Currently, we are taking steps to modify our processes and technology in light of this recent SBA guidance. Please note that at this time, no applications are being accepted for loans of $50,000 or less. We will contact you by email at a later date to start the digital forgiveness application if your loan is $50,000 or less.

If your loan is greater than $50,000, you will receive an emailed invitation to submit your loan forgiveness application from [email protected] We expect to begin sending invitations to our online application portal during the week of October 26. Invitations will be sent in waves over an 8 to 10 week period based on the PPP loan's funding date. Please note that our timing and process are subject to change should governing agencies make changes to the program.

Here’s what you can do now:

  1. Add [email protected] to your contacts, safe senders list, or whitelist to prevent it from being marked as spam. Please do not attempt to send a message to this address as it is not monitored.
  2. Organize all of your documents after reviewing these links: SBA’s EZ Forgiveness Application and the Full Forgiveness Application.
  3. Complete all necessary documentation so that you are prepared to enter your calculations into the portal.
  4. Refer to our Q&A page and to the U.S. Treasury’s FAQs of October 7 and October 13 for more information.

Additional Notes on Forgiveness

  • The Bank has 60 days from receipt of a complete forgiveness application to issue a decision to SBA. SBA then has 90 days to review the loan or forgiveness application and remit the appropriate forgiveness amount to the Bank.
  • Be sure to check this page regularly for more details and frequently asked questions on the PPP loan forgiveness process. Please note that our branches and the Client Service Center do not have additional information.

If you have additional questions that are not addressed here or on the Q&A page regarding our process for forgiveness, please submit your inquiry using the below button.

Ask a Question

Information is current as of October 19, 2020. 
*Per SBA guidelines, PPP loans of $50,000 or less do not include borrowers that, together with their affiliates, received PPP loans totaling $2 million or greater.



We want to work with you on ways to support your business during these uncertain times and encourage you to check back here regularly for helpful resources and important updates.

  • For information on other federal and state programs, click here.
  • Additional information from the Small Business Administration is available here. Resources from the U.S. Treasury Department are available here.
  • Please visit our Resource Center or the Department of Homeland Security for tips on how to recognize potential scams and learn more about how to keep your accounts safe.