PPP Loan Forgiveness — For Loans of $150K or Less
The SBA recently launched a streamlined application portal to allow borrowers with Paycheck Protection Program loans of $150,000 or less to apply for forgiveness directly through the SBA. To Register for the SBA application and apply, click on the button below. The SBA has also set up a customer support line for borrowers. If you have any questions, call them at 877-552-2692.
PPP Loan Forgiveness — For Loans over $150K
For your convenience, North Shore Bank has developed an online PPP Loan Forgiveness Application. Simply click the button below to access the platform. Please note that to log on, you will need your Tax Identification Number or Social Security Number, the PPP loan amount and the SBA note number (which can be found on the signed note).
Our online forgiveness portal will walk you through the application process using an interview type scenario — not dissimilar to how you would complete online taxes. After answering all of the questions, an application will be generated, which can then be signed electronically. Any supporting documentation can also be uploaded to the portal.
If you have any questions before beginning the application process, please direct them to
[email protected].
PPP Loan Program Information
Payment Deferrals
When your loan was written, the note included six months of deferred principal and interest payments. This has changed to allow for deferred payments up until the time your loan, or a portion thereof, is forgiven by the SBA. If your loan is forgiven in full, no payments will be required. If you receive partial forgiveness, the remainder of your loan will require payments after the forgiveness has been applied to your loan.
Deadline for Forgiveness
The deadline to apply for PPP loan forgiveness is
10 months after the end of your “Covered Period.”
If you have questions concerning your loan and/or loan forgiveness deadline, please
reach out to your lender, or to begin the process simply click the "Get Started" button above.
Covered Period
The covered period is either 8 weeks or 24 weeks. Loans dated prior to June 5 can choose between the 8 weeks or the 24 week period. Loans dated June 5 or after have an automatic 24 week covered period.