Small Business Administration Paycheck Protection Program (PPP)
Information current as of July 26, 2021
The Coronavirus Aid, Relief, and Economic Security Act established the Paycheck Protection Program (PPP), providing economic disaster relief to small businesses via the Small Business Administration (SBA). PPP, which concluded on May 31, 2021, provided forgivable loans to businesses to cover payroll costs and other covered expenses. For information on the SBA’s COVID-19 relief options, please click here.
Sandy Spring Bank is currently accepting forgiveness applications for all existing PPP loans.
All PPP borrowers should read this important notice on self-certification of PPP eligibility.
Important information on the forgiveness application process:
We are now accepting forgiveness applications for all PPP loans and are reminding borrowers to apply for forgiveness. Emails to authorized signers are being sent from [email protected] with specific instructions for loans of $150,000 or less and loans greater than $150,000. Authorized signers may receive both emails if they have loans of each size.
To prepare for the forgiveness application process:
- Add [email protected] to your contacts, safe senders list, or whitelist to prevent important emails from being marked as spam. Please do not attempt to send a message to this address as it is not monitored.
- Refer to the U.S. Treasury’s website or the SBA’s website for up-to-date information on forgiveness and documentation requirements.
- For help with our forgiveness application portal, please review these frequently asked questions.
- If you are experiencing any issues resetting your portal password:
- Ensure the email address you are using to log in is the email address the authorized signer used to apply for the loan.
- Check your junk, spam, or email quarantine folders for messages from [email protected]. Please do not attempt to send a message to this address as it is not monitored.
- Add [email protected] to your contacts, safe senders list, or whitelist to ensure you receive the password reset email.
- If applicable, check with your IT team to make sure your company is not filtering messages from [email protected].
- You are welcome to apply for forgiveness prior to receiving an email notice from Sandy Spring Bank. Click here to begin your forgiveness application.
The U.S. Congress revised the PPP so that borrowers are no longer required to begin repayment six months after the date of the loan.
After you complete your application for forgiveness of your PPP loan, we will 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 apply for forgiveness of your PPP loan, 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.
If you fail to apply for forgiveness of your 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.
These changes are intended to give borrowers the opportunity to complete the forgiveness application process before any payments are due.
If you have additional questions that are not addressed here, please submit your inquiry using the below button.