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Last Updated: 05/19/2020 10:30 a.m.
NBT Bank will begin to accept PPP loan forgiveness requests following additional guidance from the SBA. Please check back on this page for updates.
For our customers that received funding through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), you may be eligible to request loan forgiveness. We understand you have questions and we are here for you.
You, the borrower, may not be responsible for repayment of the loan if you use all the funds for forgivable expenses. NBT 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 NBT Bank. We will provide more information about the application process soon.
Your loan funds can be used for:
In addition to using your loan funds on eligible expenses, follow the guidance below to maximize your potential loan forgiveness:
Keep track and document eligible expenses, both payroll costs and other expenses, in the 8 weeks following loan disbursement. It will help with the forgiveness application process as you will need to provide documentation to NBT for all costs you plan to request forgiveness for. You should review any automatic payments such as ACH and automatic debits for the account holding these loan proceeds to ensure PPP funds are being used and tracked for eligible purposes.
Read more about SBA’s guidance on loan forgiveness, including record tracking and retention, application FAQs, and their newly released loan forgiveness instructions, including the addition of a new Safe Harbor from the FTE loan forgiveness reduction for borrowers who have returned to full employment levels by June 30.
Currently we are building the process to accept forgiveness applications. We will begin to accept forgiveness requests following guidance from the SBA. We will notify you when additional information is available regarding the forgiveness application process.
For customers who received PPP Loans through our partner, The Heartland, please visit www.nbtbank.com/heartland for further instructions on how to apply for the forgiveness portion of your PPP loan.
Applications for PPP Forgiveness must be completed through the lender that provided PPP funding.