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The U.S. Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application on May 15, 2020. At first glance, the application may appear hard to digest. In this video, Matt Hein, Managing Director of Commercial Banking at Firstrust will walk you through the application’s different sections, review the required documentation, and end with some other tips to help you through the Loan Forgiveness journey.



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.

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.

What part of the PPP is eligible for forgiveness?

Costs eligible for forgiveness include payroll costs, payments of interest on mortgage obligations incurred before February 15,2020, rent payments on leases dated before February 15, 2020, and utility payments under service agreements dated before February 15, 2020, over the 8-week period following the date of the loan. The Treasury clarified in its Interim Final Rule that at least 60% of the loan amount must be used for payroll costs, and that no more than 40% of the loan proceeds can be forgiven for non-payroll costs.

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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.