2021 SBA Paycheck Protection Program (PPP)

Q: Can my PPP loan be forgiven?
A: You should review carefully the required certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” You must make this certification in good faith, taking into account your current business activity and ability to access other sources of liquidity sufficient to support your ongoing operations in a manner that is not significantly detrimental to the business. Companies should be prepared to demonstrate to the SBA, upon request, the basis for its certification.

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.

First & Second Draw PPP Loan forgiveness terms
PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

• Employee and compensation levels are maintained
• The loan proceeds are spent on payroll costs and other eligible expenses; and
• At least 60% of the proceeds are spent on payroll costs

Q: What do I need for loan forgiveness?
A: See Stage 4 for more details and links to the application.
The application for forgiveness must include documentation of the loan proceeds being used for the purposes included in the calculation of the amount eligible for forgiveness, including state and federal payroll tax reports, unemployment insurance filings, lease agreements, mortgage statements, utility statements, receipts, bank transcripts, canceled checks or other evidence showing how funds were used. Lenders must make a determination on the application within 60 days of your application.

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.

Begin Forgiveness

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.