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PPP Loan Forgiveness

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

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.

What does loan forgiveness mean?

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.

What expenses are eligible for forgiveness?

Your loan funds can be used for:

  • Payroll, including benefits, to retain employees as defined by the SBA.
  • Mortgage interest payments for mortgages incurred prior to February 15, 2020.
  • Rent payments on leases dated before February 15, 2020.
  • Utility payments under service agreements dated before February 15, 2020.
  • It is your obligation, as the borrower, to understand the SBA's rules. Other eligibility requirements may apply. We recognize that each customer's situation is unique. Should you have any additional questions that may be unique to your loan, we recommend that you seek legal, accounting or tax advice that is specific to your business situation.

What else should I know about forgiveness?

In addition to using your loan funds on eligible expenses, follow the guidance below to maximize your potential loan forgiveness:

  • Loan forgiveness is not automatic, you must request it through an application process at NBT Bank. More details will be forthcoming about the application process.
  • Expenses must be incurred and paid within the 8-week period that begins on the date when you received your loan funds.
  • No more than 25% of the loan forgiveness amount can be attributed to non-payroll expenses (e.g., mortgage interest, rent, or utility payments).
  • Generally, companies must maintain employee headcount and compensation levels during the 8-week period after loan disbursement.
  • Loan payments will be deferred for 6 months, but interest will continue to accrue – even if the loan is not forgiven, in part or in full. The borrower will be responsible under the loan for any amounts not forgiven.
  • The SBA may limit the timeframe by which you’ll need to ask for forgiveness.

What can you do now?

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.

SBA PPP and Loan Forgiveness Information

What’s next?

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.

We're here to help

For additional questions, please contact your NBT Banker, local branch or our Business Support Center at 1-833-628-4BIZ (4249) or [email protected].

For additional resources visit SBA.gov and Treasury.gov for information on loan forgiveness.

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.


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