Support for business customers
SBA PPP forgiveness assistance5/20/2020
Important information about Paycheck Protection Program loan applications
With SBA Paycheck Protection Program (PPP) applications deadline of June 30, 2020 approaching, Fidelity Bank is no longer accepting new applications. We are actively focused assisting businesses with applications in-process and loan recipients with their forgiveness applications.
Important PPP Loan Forgiveness Requirements
The recently passed PPP Flexibility Act established new guidance intended to help businesses access loan forgiveness, including changes to loan expenditure requirements. We stand ready to assist with forgiveness applications.
On June 17, the SBA published a revised PPP forgiveness application form with updated documentation requirements. While you may want to familiarize yourself with the application, those who are processing their forgiveness through Fidelity Bank do not need to fill out the form. We are developing an online version that will help streamline the process.
Contact your banker to obtain information about submitting an application for forgiveness.
We are committed to keeping you informed about changes to the forgiveness loan process. We’ve compiled the following resources to assist you in preparing your application.
There are now two versions of the PPP loan forgiveness application, the full application (3508) and an EZ application (3508 EZ). Application 3508 EZ is available to borrowers who meet specific criteria and requires fewer calculations and less documentation than the revised full forgiveness application. We encourage you to familiarize yourself with both versions to determine which is appropriate for your situation.
We stand ready to serve.
During this challenging time, please consider contacting your commercial banker. We will do our best to provide you with accurate information to aid in your decision making.