PPP Forgiveness Update: February 1, 2021
If you received a PPP Loan in 2020, you have 10 months after the last date of your covered period to apply for forgiveness. If you do not apply on or prior to that date, you will be responsible for the monthly payments of your PPP loan which will automatically begin. The monthly payment amount will be based on the outstanding balance of the note and the number of months remaining until the maturity date of the note.
We recommend that you begin your forgiveness process as soon as possible to take advantage of the debt forgiveness benefit provided by the SBA PPP. If you need further assistance, please contact your banker or email PPPLoans@AllegianceBank.com.
SBA PPP Resources
- PPP Webinars: The SBA’s Houston District Office is hosting a series of PPP overview webinars. Additional information including webinar links can be found on the SBA Houston District Office website here.
- PPP Forgiveness FAQ: Access the latest SBA PPP Forgiveness FAQ document for lenders and borrowers here.
- Interim Final Rule: Access the Department of the Treasury’s Program Rules here.
- PPP 3508 Application: Access the 3508 Forgiveness Application here.
- PPP 3508 Instructions: Access the instructions for the 3508 Forgiveness Application here.
- PPP 3508EZ Application: Access the 3508EZ Forgiveness Application here.
- PPP 3508EZ Instructions: Access the instructions for the 3508EZ Forgiveness Application here.
- PPP 3508S Application: Access the Paycheck Protection Program 3508S Forgiveness Application ($50,000 and less) here.
- PPP 3508S Instructions: Access the instructions for the Paycheck Protection Program 3508S Forgiveness Application ($50,000 and less) here.
Please note: Allegiance Bank has received reports of a non-government website attempting to impersonate the SBA website. Always exercise caution by verifying that you have navigated to the correct website URL (i.e. sba.gov). Additional information can be found on the Department of Homeland Security website here.