As a certified Small Business Administration (SBA) provider, Horizon Bank will continue to monitor how the CARES Act will be administered, along with specifics on the Paycheck Protection Program (PPP).
The PPP provides cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. PPP has a host of attractive features, including forgiveness of up to 8 weeks of payroll, based on employee retention and salary levels, and no SBA fees, and at least six months of deferral with maximum deferrals of up to a year.
The Small Business Administration (SBA) will begin accepting forgiveness applications for the Pay Check Protection (PPP) Loan Program beginning, Monday, August 10th.
Horizon Bank will be utilizing an online portal for the submission and processing of PPP loan forgiveness applications, and will begin accepting PPP applications beginning Tuesday, September 1st. Horizon Bank PPP loan customers will receive email communication regarding the Horizon Bank forgiveness process, timing and instructions to assist them with the process.
Information regarding the SBA PPP Forgiveness Guidelines and the necessary application forms may be accessed at the Small Business Administration website www.sba.gov.
Questions regarding the forgiveness process may be directed to your loan officer that assisted with the PPP loan or to SBAGovLending@HorizonBank.com.