PPP LOAN Forgiveness Information Center
June 8, 2020 PPP Loan Forgiveness Update
The Paycheck Protection Program (PPP) Flexibility Act was signed into effect adding several key revisions all businesses should be aware of. For your review, click here for a PDF of the News Release distributed by the Small Business Association (SBA) and Treasury Department on Monday, June 8, 2020.
Marquette continues to monitor and seek information from the SBA and Treasury Departments and hopes to provide more information about such provisions included in the Flexibility Act. For example, the process by which a borrower notifies the Lender/SBA to change its election of the “covered period” to 24 weeks vs the current 8-week period initially offered.
Additionally, another provision of the Flexibility Act calls for a maturity of 60 months, however, we are waiting on guidelines regarding the requirement, if any, for banks to extend the 24-month maturity of PPP loans closed prior to June 5th.
Be sure to download the Flexibility Act news release for more information. We realize this “Flexibility Act” may raise some additional questions. As always, should you ever have questions or need clarification please do not hesitate to reach out to your Marquette Business Banking representative.
Please continue to return to this page for updates.
In an effort to be proactive, Marquette has developed the “PPP Loan Forgiveness Toolkit” to provide guidance for our customers through this next phase. On this page you will find three important tools that will help ensure your company receives the best benefit from the PPP program.
Be sure to visit this site for periodic updates to the Q&A document, and helpful updates.
In closing, we realize you may have many more questions…we do too but rest assured we will find the right answer for your business. We thank you in advance for working with us as we all try to navigate through this next phase of the PPP program.
Stay safe! Stay healthy!
Your Marquette Savings Bank Business Banking Team