SBA PPP Forgiveness
Chain Bridge Bank, N.A. is currently processing applications for PPP First and Second Draw borrowers to attain forgiveness.
To apply for PPP loan forgiveness:
The Chain Bridge Bank, N.A. PPP forgiveness application portal is open to eligible applicants. Borrowers must email firstname.lastname@example.org with their request to get started.
Loan forgiveness eligibility:
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and loan repayments begin.
First and Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels were maintained;
- The loan proceeds were spent on payroll costs and other eligible expenses; and
- At least 60% of the proceeds were spent on payroll costs.
Documentation needed for loan forgiveness can include:
- Bank statements;
- Payroll reports;
- Tax forms;
- Proof of non-payroll costs eligible to be forgiven (mortgage interest, rent, utilities, supplier costs, PPE costs).
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This is not a commitment to make a loan.