By Matthew Doffing
As you’ve likely seen, SBA released its Loan Forgiveness Application for Paycheck Protection Loans over the weekend. The application provides a step-by-step methodology which borrowers can use to identify the amount of their loan forgiveness.
We know this process is complex – it is probably more complex than it needs to be. Because of that, we’ve partnered with our colleagues at the Independent Bankers Association of Texas to create a letter and excel tool that you can use as you work together with your borrowers to determine the amount of loan forgiveness. Download the letter here and that workbook here. We hope you find these tools helpful. We will work to keep them current as SBA and Treasury publish new guidance.
Once again, thank you for all your hard work on the Paycheck Protection Program thus far! You have truly made a difference for your community and local economies.
We look forward to supporting you as we enter this new phase of the program.