Archive: March, 2021

Paycheck Protection Program Loan Forgiveness Update

As part of the Consolidated Appropriations Act, 2021 (the “Act”) that was passed on December 27, 2020, borrowers with Paycheck Protection Program (PPP) loans up to $150,000 will have an opportunity to take advantage of a simplified loan forgiveness process. On January 19, 2021, the SBA implemented this provision of the Act by releasing PPP Loan Forgiveness Form 3508S (“S Form”). Adirondack Bank (“the Bank”) is now accepting loan forgiveness applications on the S Form for those who qualify.