|
Paycheck Protection Program (PPP)
Timberline Bank, a Small Business Administration (SBA) Preferred Lender, is happy to assist with all of your SBA-related financing needs.
The SBA has officially stated that it is no longer accepting new Paycheck Protection Program (PPP) applications due to an exhaustion of allocated funds. We are fortunate for the opportunity to have helped thousands across the communities we serve by facilitating over 185 million dollars in PPP-related funding.
We now turn our focus to assisting the thousands of customers who received a PPP loan in 2020 and 2021 with applying for forgiveness. To augment our efforts, we have partnered with Abrigo from Sageworks. This partnership has allowed us to offer our customers an easy and convenient online portal to apply for forgiveness. Customers will receive an individual link via email that they can use to finalize their forgiveness application. As of today, all those who received a PPP loan in 2020 should have received this link. Over the next couple of weeks, our teams will be sending out these forgiveness links for those borrowers who received a PPP loan in 2021. Borrowers looking to fill out their forgiveness early are encouraged to reach out to us at the link below.
For more information, contact our Business Bankers.
We appreciate the opportunity to continue to serve you. To assist in your forgiveness process, we have compiled a list of acceptable documentation below. Additionally, please feel free to reach out should you have any additional questions.
Documentation Requirements:
Payroll (provide documentation for all payroll periods that overlapped with the Covered Period or the Alternative Payroll Covered Period):
- Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees
- Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
- Payroll tax filings reported, or will be reported, to the IRS (typically, Form 941); and
State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported or will be reported to the relevant state
- Payment receipts, canceled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount
- Non-payroll (for expenses that were incurred or paid during the covered period and showing that obligations or services existed prior to February 15, 2020):
- Business mortgage interest payments: Copy of lender amortization schedule and receipts verifying payments, or lender account statements
- Business rent or lease payments: Copy of current lease agreement and receipts or canceled checks verifying eligible payments
- Business utility payments: Copies of invoices and receipts, canceled checks or account statements
|