Small Business Administration Paycheck Protection Program (PPP)

Information current as of March 15, 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). The program provides forgivable loans to businesses to cover payroll costs and other covered expenses. 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 new PPP loans and are now accepting forgiveness applications for loans originated in 2020.


Please continue to check this page for the latest updates. You may also visit www.sba.gov or www.treasury.gov about PPP. 


All PPP borrowers should read this important notice on self-certification of PPP eligibility.


About PPP Forgiveness

When can I apply for forgiveness? 

We are now accepting applications for forgiveness of PPP loans originated in 2020, and we are sending out invitations to authorized signers. Invitations to submit loan forgiveness applications are being sent from [email protected] with specific instructions for loans of $150,000 or less and separately for loans greater than $150,000. Authorized signers may receive both emails if they have loans of each size. Please note that we are not accepting applications for forgiveness of PPP loans originated in 2021 at this time.

To prepare for the forgiveness application process:

  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. If your loan amount is $150,000 or under, you will not be required to provide supporting documents.
  3. If your loan amount is greater than $150,000, organize all of your documents after reviewing these links:
  4. Complete all necessary documentation so that you are prepared to enter your calculations into the portal.
  5. Refer to the U.S. Treasury’s latest FAQs for more information.

For more information about forgiveness, please refer to our forgiveness page. For help with our forgiveness application portal, please review these frequently asked questions.

Do I need to apply for forgiveness before applying for a second round of PPP funding?
While we are no longer accepting applications for a second round of PPP funding, if you are an existing PPP borrower, you do not need to apply for forgiveness of your first round PPP loan before applying for a second round of funding. However, you must certify that you have spent all of the proceeds of your first draw PPP loan on payroll or other covered expenses, or will have spent the proceeds of your first draw loan before receiving your second round loan.

PPP Repayment Guidelines

Earlier this year, 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.

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 you receive your link to the Sandy Spring Bank digital 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.

If you have additional questions that are not addressed here, please submit your inquiry using the below button.


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Keep in Mind

Please continue to check this page for the latest updates. You may also visit www.sba.gov or www.treasury.gov for more information, including the SBA's January 8 press release.

Resources

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.
Questions?

If you have additional questions that are not addressed here, please submit your inquiry using the below button.


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