A Message Regarding Paycheck Protection Program Loan Forgiveness Terms
A Message Regarding Paycheck Protection Program Loan Forgiveness Terms:
Since the inception of the Paycheck Protection Program (“PPP”) on April 4, Adirondack Bank has provided PPP funding of $75.2 million to 779 businesses and not-for-profit organizations in the Mohawk Valley and the Central and Northern regions of New York State. We are honored and proud to provide these organizations with this critical financing and are hopeful that it provides the financial support needed by these organizations to withstand this difficult time.
PPP loans are forgivable if the use of the loan proceeds meets the requirements of the SBA. While the SBA has made available a forgiveness application along with instructions on its website (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-3), legislation signed into law on June 5 has made significant changes to the PPP program, including increasing the time allowed for using PPP loan proceeds from 8 weeks to 24 weeks. In addition, the legislation eases the requirements for obtaining forgiveness of the loan, including:
- Reducing the minimum amount of PPP loan proceeds that must be spent on payroll costs from 75% to 60%
- Extending the date upon which workforce levels must be restored from June 30 to December 31.
As of June 9, the SBA has not updated its regulations, guidelines and forgiveness application to reflect this new legislation. Once the SBA makes the necessary changes to implement the legislation, we will provide updated information on this website. Until then, PPP loan customers of Adirondack Bank may contact the Adirondack Bank loan officer servicing your account with any questions or you may send us an e-mail at firstname.lastname@example.org.
You may also contact our client services department Monday through Friday 8:00 am to 5:00 pm and Saturday 9:00 am to 12:00 pm at (315) 272-2500 and select option 1