When can I apply for Forgiveness?
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
Village Bank is now processing forgiveness applications. We will send borrowers an email to notify you when we are ready for you to submit your application as we have a number of loan forgiveness apps to process.
IF YOU APPLIED FOR YOUR PPP LOAN THROUGH OUR ONLINE PORTAL
If you are eligible to apply for forgiveness and used our online portal to apply for your PPP Loan, you will continue the forgiveness process within the portal. Click the button below to get started.
IF YOU DID NOT APPLY FOR YOUR PPP LOAN THROUGH OUR ONLINE PORTAL
If you are eligible to apply for forgiveness but did not use our online portal, please click here and read the 2020 FAQs and instructions. From there you will then use the appropriate forgiveness application and submit it to our SBA department for processing.
Where do I find my SBA PPP Loan Number/Lender PPP Loan Number?
For clarification, your SBA PPP Loan Number and Lender PPP Loan Number are the same number and can be found on your Promissory Note under "Loan No" as shown here:
Where do I find my PPP Loan Amount?
Your PPP Loan Amount is the disbursed principal amount of the PPP loan (the total loan amount you received from Village Bank) and can be found on your Promissory Note under "Principal" as shown here:
Where do I find my PPP Loan Disbursement/Funding Date?
Your PPP Loan Disbursement/Funding Date is the date that you received the PPP loan proceeds in your account from the Village Bank. If loan proceeds were received on more than one date, enter the first date on which you received PPP loan proceeds. To find your Loan Disbursement Date, check your Business Online Banking account or e-statements (mailed statement if applicable) for the date that funds were deposited into your account. An example from an e-statement is shown here:
Contact our SBA Team
To ensure accurate completion of the PPP Forgiveness Application, work with your CPA, payroll processor, or financial advisor on the specifics of PPP.