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Small Business Administration (SBA) Paycheck Protection Program Update on Loan Forgiveness

 

If you received a PPP loan from Pathfinder Bank, we have sent you a direct communication that explains how and when you may initiate a loan forgiveness request. For the convenience of our customers, we have automated the application process, meaning you will not have to submit a paper application.

If you need assistance with your loan forgiveness request please reach out to your loan officer or email [email protected].

 

Digital application portal button:  https://nextgen.bakerhillsolutions.net/clientportal/login/pathfinderbank

 

PPP Loan Forgiveness Forms

The SBA has released additional guidance and borrowers may submit a loan forgiveness application any time on or before the maturity date of their PPP loan – including before the end of the covered period. We have incorporated the revised and new forms into our digital application portal.

We have been working diligently with our partners at Baker Hill to provide the most current SBA PPP Loan Forgiveness information thru our portal as soon as possible. Recently a bill has been approved which, provides for a smipler forgiveness process for a paycheck protection loan that is $150,000 or less, if the recipient submits a one-page form. This form will be available on the portal and completed in a few minutes rather than a few hours due to required calculations of the retainment of full time employees.

 

*Updated applications for 3508S Form (simplified forgiveness of loans) up to $150,000 are available in our digital application portal. .

 

PPP Loan Forgiveness Details

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What does loan forgiveness mean?

You, the borrower, may not be responsible for full or partial repayment of the loan if you use the PPP loan proceeds for forgivable expenses. Pathfinder Bank will follow SBA guidance to determine the amount that is forgivable and will require an application with supporting documentation. You will be required to apply for your loan forgiveness through Pathfinder Bank. 

 

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