Video Update: PPP Loan Forgiveness Information
Please watch this video where our President and CEO, Rory Ritrievi, sits down with Natalie Falatek, Director of SBA / Guaranteed lending, and Christyan Devan, Commercial Lender to provide an update on what we know today about PPP Loan Forgiveness and what you can be doing as we wait for further guidance from the SBA. A transcript of the video is below, and contains links to the resources that are shown on-screen during the video.
If you’re receiving this video then you have received a Paycheck Protection Loan from Mid Penn Bank. I know that you’re all anxiously awaiting some guidance on us for the forgiveness process and I wanted to be able to give that to you today. We don’t know everything but we do know a few things. With me today I have Natalie Falatek, who runs our SBA group, and Christyan Devan who is one of our SBA experts and they have some information on the forgiveness process and they want to be able to share that with you today.
Thank you; you know the biggest update is that we’re still waiting on guidance from the SBA to tell us how the forgiveness process will work and announce any changes to the forgiveness guidelines that we already have. First thing’s first: know that we do expect a few changes when that guidance comes out. We believe and the SBA has assured us that all of those changes will be towards your benefit. For now, what we can tell you is just a few tips on how to prepare yourself for that guidance when it comes out and make sure that you are ready to get the most forgiven that you can. Christyan do you want to share some tips with us?
Thank you, Natalie. Just make sure you are making every effort to use these funds for the forgivable expenses that we do know are forgivable: utilities, rent, interest and payroll – all that good stuff. Like Natalie said, the guidance that we’re expecting is going to be for your benefit, so just make sure you’re documenting your files and making sure that you can show you’ve made every effort that you can to use this program appropriately. We do have a hotline as well if you have any questions about, it just go ahead and call the hotline phone number (717.914.6579) that is on the screen now and feel free to reach out to any one of us and we can help you out. The main point here is we’re are waiting on final guidance, just try to be responsible and use the funds as we’ve been told to do so.
And is there a tracker that we’ve provided people to help keep track of those expenses?
Yes, absolutely! We have a forgiveness tracker on our website, we’ve also sent it out via email to all of our customers who have received a PPP loan, so you should have it. If you don’t, feel free to go to our website and download a fresh copy of it (https://midpennbank.com/sba-links/ ). You can use your own too; if you have your own means for tracking it, feel free to do that, too. Just track everything, and save everything; save copies of your receipts, save copies of your invoices, payroll reports, anything that you can save to help document and showing the paper trail will be helpful. We don’t know exactly what you need to document yet. So, save everything that you can.
The other thing I want to point out is to make sure that you do your homework. The SBA has said that with this program, the ownness is on the borrower. You will likely be responsible for calculating your own forgiveness amount. You will have to do the math and understand how forgiveness works and be able to calculate this yourself. We are here to help you and we will not leave you in the cold; we will help you as best we can. You should be responsible, and do your homework; only trust reliable sources. Visit our website or visit treasury.gov (https://home.treasury.gov/ ). There is a banner on that website that links to the borrower frequently asked questions and all of the information that we have comes out there first. There is a good history of it and you can see the changes that were made and when the changes were made.
I would make sure you are checking our website (https://midpennbank.com/sba-relief-programs-resource-center/) regularly as well because we are posting all the changes coming out to provide that information. Once a day, just jump on the website to see if there is any new information.
Just like we were very good at guiding you through the application and approval process, we’re going to be really good at guiding you through the forgiveness process. Natalie has a team of people in a new war room that we are setting up, and they are all ready, once we get that guidance, to work with each one of our borrowers to make sure this goes as efficiently as possible. Christyan mentioned the hotline that we have (717.914.6579) and I’m going to encourage you to utilize that if you need to. We have five or six people over there working a 12 hour shift, and if you can’t get them live, they also have an email box (PPPDocumentation@midpennbank.com) so you can leave an email overnight if you need to, and they will respond to it the next day. Guys, we’ve always been very responsive and communicative during this process and we are going to continue to be so during this forgiveness process. We know that it is confusing, and we know there is some anxiety, but as soon as we get any guidance from the SBA we will pass it on to you. In the meantime, use the hotline number (717.914.6579) if you need to get better clarification. Thank you very much and as always, thanks for doing business with Mid Penn Bank.