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FIRSTRUST BANK IS A PREFERRED SBA LENDER

TIPS ON MAXIMIZING LOAN FORGIVENESS

TIPS ON MAXIMIZING 
LOAN FORGIVENESS

TIPS ON MAXIMIZING LOAN FORGIVENESS

One of the biggest advantages of a Paycheck Protection Program (PPP) loan is that 100% of it can be forgiven, but you must use and track the funds appropriately to be eligible.  Matt Hein, Managing Director of Commercial Banking at Firstrust Bank has put together a short video with information and tips to help you maximize the amount of your PPP loan to be forgiven.  

Stay tuned for the next video blog that will provide you with guidance on completing the Loan Forgiveness Application.

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FIRSTRUST IS A PREFERRED SBA LENDER

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FAQ's
What are the loan terms if my PPP loan (or a portion of the loan) is not forgiven?

The loan has a maturity of two years and an interest rate of 1.00%. There will be no prepayment penalty, meaning you will be able to repay the loan at any time before the maturity date. There is no collateral or personal guarantee required. All loans will be processed by third-party lenders under delegated authority of the SBA, and the lenders are permitted to rely on the certifications of the borrowers in order to determine eligibility of the borrower and the use of loan proceeds.

When do I need to apply for forgiveness?

PPP borrowers will need to file an application with their bank after the 8-week period of employment following the receipt of your loan.

What do I need to provide the lender to get the PPP forgiveness?

Borrowers need to maintain documentation of the use of their PPP funds. The CARES Act expressly requires that the borrower be able to adequately document the use ofthe funds in order to obtain forgiveness. A forgiveness analysis of your PPP loan based on the following metrics: reduction in headcount, reduction in wages, and rehires.

Where do I apply for PPP forgiveness?

If Firstrust is servicing your PPP loan, you can submit a request to us for part or all of the loan to be forgiven. Firstrust will need to collect paperwork in connection with the forgiveness and essentially make an application to the SBA for that forgiveness. We will make a determination on your loan forgiveness request within 60 days of receiving your request.

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Need Help?

If you are a customer who is experiencing a hardship related to family sickness or workplace closures due to COVID-19, contact your Relationship Manager, Branch Manager or Customer Care Center 800-220-BANK, and we will work with you.