SBA Paycheck Protection Program Loan Forgiveness Updates
Now accepting forgiveness applications for 2020 and 2021 PPP loans
An important benefit of the SBA Paycheck Protection Program (PPP) is the opportunity to receive forgiveness of all or a portion of the PPP loan principal balance. Plus, the SBA will pay the interest associated with any forgiven principal.
MidFirst has carefully evaluated SBA’s Direct Forgiveness portal for customers with PPP loans of $150,000 or less, and we have elected not to participate. In order to provide the best forgiveness experience possible, all applications must be entered through the MidFirst online forgiveness portal.
Apply for PPP Loan Forgiveness
We encourage all borrowers to familiarize themselves with the PPP forgiveness requirements. We have created a simple step-by-step guide to help borrowers navigate this process which can be found here. The forgiveness guide provides valuable information including the standard and EZ form applications, instructions and required documentation checklists. We have also created an FAQs page that can be found here. Borrowers should gather the SBA-required documentation and prepare calculations so that once they apply, they may simply input and upload the information.
We encourage all borrowers to visit the SBA’s PPP website frequently to stay abreast of any and all guidance regarding PPP loan forgiveness.
MidFirst makes no representation or warranty with respect to the availability of forgiveness of any PPP Loan. Borrowers should conduct their own analysis about forgiveness before spending PPP loan proceeds. MidFirst is awaiting further details from the SBA on specific program requirements; therefore, MidFirst reserves the right to modify any aspect of its participation in the PPP, including, without limitation, any terms, requirements, documentation or other aspects related to PPP loan forgiveness.