PPP loan forgiveness applications will be processed through an online portal
- We cannot accept PPP forgiveness applications via email or in person.
- Forgiveness applications cannot be submitted prior to the end of your 8-week Covered Period.
We are actively working to configure the portal now and will provide more information about the PPP forgiveness application process as soon as it becomes available.
Thank you for your patience as we all learn more about the SBA PPP program. We appreciate the hard work you are doing in our community and will be in touch as more information is available.
The SBA and Treasury recently announced that the eligibility certification on all PPP loans in excess of $2 million will be reviewed closely by the SBA. The press release about this announcement can be viewed here and the most recent PPP FAQ from the Treasury is available here. We are encouraging all our clients to be sure to review both documents and to consult with their CPAs and/or legal counsel about their eligibility for PPP loans, the implications of receiving a PPP loan, and how to best prepare for potential loan forgiveness.
– An Update on the Paycheck Protection Program
We are hopeful that you will receive the support you and your business need – whether through our team at Beneficial State or another institution. We have literally worked around the clock these last few weeks to serve as many businesses and nonprofits as we could. Due to the volume of inquiries, the complexity of application requirements, the constraints of our own operational and human capacity, and the uncertainty of how long the funding will last, we recognize we will not be able to help everyone before the second round of funds are exhausted.
To those small businesses and nonprofit organizations who feel marginalized and deprioritized by the system, we see you. We too recognize that it is inherently unjust to race and compete for essential relief services. On top of that, we’re all stressed, tired and concerned, but our team is fueled by our commitment to help every last person we can.
In that spirit, each of us will continue to work through this weekend to prepare for the Round Two PPP funding window. Though we can’t guarantee results, there is a carve-out for CDFI’s (designated Community Development Financial Institutions) and smaller banks and lenders with less than $10B in assets. This works in our favor as we fall into both of these designated categories, and therefore have access to funds that others do not. Nonetheless, in keeping with our value of transparency, we want to manage expectations regarding possible outcomes.
Many institutions are gearing up for the race to the money. Please help us, or your lender of choice, help you. Leverage the resources on our website as well as the SBA’s to ensure your paperwork is in order and your business information is ready. A nd while we recognize that we are in for another sprint, please know we are here for you for the duration.
Do let us know if you’ve received help elsewhere so we can remove you from our interested list and leave space for others. Please simply email us back. Should you have any concerns, reach out to your primary relationship officer or contact us through or at .
– Government Small Business Lending Update
While we await the refunding of the PPP, we recommend clients and applicants apply for a grant from the US Chamber of Commerce. It is providing $5,000 grants to eligible small businesses. The application takes ten minutes and is available beginning Monday, PDT. Eligibility details and application are available at .