The Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) extended the deferral period for borrower’s payments of principal, interest, and fees on all PPP loans for the earlier of the two events provided below.
Previously, the deferral period could end after 6 months.
Should you have any questions, please do not hesitate to contact the Bank at (732) 223-4450. You may also visit the Treasury’s website at home.treasury.gov or the SBA’s website at www.sba.gov for more information.
*The SBA Guidance for PPP Loan Forgiveness is subject to change.
In an effort to support our borrowers and ensure they take full advantage of the program, we would like to provide loan Forgiveness guidance.
· An email was sent to PPP borrowers on June 12, 2020, and a reminder on July 14, 2020, with instructions on how to apply for loan Forgiveness. Each borrower received a unique link that directs to a Forgiveness application through our portal.
· If a loan was approved prior to June 5, 2020, the borrower is able to apply for forgiveness after their choice of either 8 weeks or 24 weeks “covered period” from receipt of loan funds. For loans made after June 5, 2020, the “covered period” is 24 weeks, and cannot extend after December 31, 2020.
· When the borrower logs into the unique link provided, they will be directed to create a PIN (see attached) by entering 6-12 characters including numbers, letters, and special characters. For a PIN reset, please contact Commercial Lending.
· Once logged into the portal, borrowers are encouraged to check their eligibility status to complete the 3508EZ (EZ Form) which is half the size of the revised full form – two pages rather than four.
· When the borrower submits a completed loan Forgiveness application, the lending department will review the application and submit it to the SBA (once available) on their behalf.
· The SBA is presently finalizing a partnership with a third party software company to collect the completed PPP Forgiveness applications from us (the Lenders). As of now, the SBA has not been able to provide any guidance as to when that submission portal will be available. The SBA has also noted that borrowers should be aware that the entire Loan Forgiveness process may take up to 5 months (60 days for lender to review application and 90 days for SBA to respond). The loan payments will be deferred during this time, however interest will continue to accrue.
In addition, please visit the SBA website to reference guidelines.
Please contact the Commercial Lending Department at 732-292-8450 or email us at info@Manasquan.bank if you have additional questions or need assistance.
SBA Disaster Assistance, Economic Injury Disaster Loans (EIDL)
Clients may be eligible for a low-interest disaster assistance loan. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. The EIDL program is being offered directly through the SBA. Please note that an application submission to this program may prohibit participation in PPP. Please contact the SBA for further details.
Please click here to complete the EIDL application directly thru the SBA.
In addition, Manasquan Bank is offering disproportionately impacted borrowers the following:
As always, we’re here to help you access the resources you need. Please contact your commercial lender partner or contact us for additional information at 844.626.2265.
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