The SBA’s Paycheck Protection Program
Bank of Marin has opened up the loan forgiveness process for all of our PPP borrowers. We encourage you to apply as soon as possible.
A few things to keep in mind:
- Once you have submitted your electronically signed application, there is a review period of up to 60 days, followed by a period of up to 90 days for the SBA to render a decision.
- In most cases, the streamlined application for loan amounts of $150,000 and under does not require supporting documentation and offers near certain forgiveness.
- The two forgiveness application types for loans OVER $150,000 do require the supporting documentation listed in the applications’ instructions.
- Talk to your tax advisors if you have questions about your particular situation.
FOr PPP 2 Loan Forgiveness
Your PPP1 loan forgiveness application must be submitted to the SBA before your PPP2 loan forgiveness application can be processed.
For loans of $150,000 and under:
Borrowers should apply for forgiveness through the SBA PPP Direct Forgiveness Portal. For two-factor authentication, you must have your SBA PPP loan number and the Tax ID number that you used to apply for your business’s PPP loan.
To assist you in completing this application, here is a link to the SBA PPP Direct Forgiveness Portal User Guide.
If you need additional help or have questions regarding the SBA Direct Forgiveness Portal, you can call the SBA PPP customer service team at (877) 552-2692, Monday – Friday, 5am – 5pm PST.
For loans OVER $150,000:
Borrowers must access Bank of Marin’s secure online Client Portal to complete your forgiveness application, using the unique link specific for your business that was emailed to you by Bank of Marin.
You can also find the latest PPP information on the SBA website or the U.S. Treasury site.