Important new updates in the PPP Flexibility Act
Here are some important things you need to know when requesting Paycheck Protection Program loan forgiveness under the CARES Act. The recently enacted Paycheck Protection Program Flexibility Act has modified some of the original requirements, with a goal of making it easier for small businesses to qualify for forgiveness in the wake of coronavirus-related restrictions and guidelines that have delayed reopening for many businesses.
PPP loans are eligible for full or partial forgiveness if the loan proceeds are used in accordance with forgiveness rules and guidelines, which have already been modified several times. Get all the latest updates regarding the Paycheck Protection Program Flexibility Act in our FAQ or contact your banker any time for assistance.
Update as of 8/13/20
We appreciate that you came to Cedar Rapids Bank & Trust for your business needs during COVID-19. We also understand that forgiveness of the Paycheck Protection Program loan is important to you. The Small Business Administration (SBA) has provided guidance on the forgiveness of these loans and started accepting applications for forgiveness on August 10th. The Cedar Rapids Bank & Trust Online Forgiveness Portal will soon be accessible on our bank website along with other helpful information. We are currently testing the portal so that we can offer you the best experience. We are also monitoring Congress to see if there are any legislative updates that will make the process easier for you.
Please take this time to prepare your supporting documentation and review the rules. Information on forgiveness can be found on the U.S. Treasury website or the SBA website. When our portal is activated we will send you a personalized e-mail with instructions, helpful tips and a link to access the portal.
We are confident that you will have plenty of time to request forgiveness once the portal is ready. We appreciate your patience and understanding as we navigate this program together. Continue to watch your email for additional updates and instructions. If you have any questions or concerns please contact your lender directly.
Loan Forgiveness Portal - Access Coming Soon
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