City National Bank is committed to supporting our local businesses. Through the Paycheck Protection Program, we will assist our clients by providing clear concise information regarding the new forgiveness guidelines.
To ensure you always have the most accurate information, please speak to your accountant or attorney for the next steps regarding PPP loan forgiveness.
Please review the information below which may assist you throughout the forgiveness portion of the loan program. You will also find a checklist of documents you may need to submit once SBA finalizes this process.
As we experienced with the rollout of the program, we may receive additional guidance from the SBA which could impact the required documentation as well as other details surrounding the forgiveness process.
On June 5, new legislation with additional direction to the forgiveness of the CARES Act SBA loan was signed by the President. We are still awaiting the “final rule” from the SBA.
Document Checklist
For more information on the rules around forgiveness, please review the Interim Final Rule, the Interim Final Rule- Additional Eligibility Criteria and Requirements for Certain Pledges of Loans, which covers Self Employed borrowers and the FAQs and other documents found on the Treasury’s website.
If you have any questions, please contact us at 305-448-6500.