A: Payments to contactors are not considered part of eligible payroll costs. Only payments to employees. A: The Borrower may select a Covered Period of 8-weeks up to weeks. The Covered Period begins the date of loan disbursement and concludes 8-weeks up to weeks the length between that timeframe is up to the Borrower.
Rules will be issued to ensure Borrowers are made whole if they already received Forgiveness and their EIDL was deducted from their Forgiveness amount. We are currently working with our portal team to implement this into our system. A: Our interpretation of the new legislation is that the First and Second Draw Loans are separate Loans so the Forgiveness will be issued separately as well.
However, the SBA has yet to release their guidance regarding this new form. Borrowers applying for Forgiveness using the new streamlined application will be required to sign and submit a one-page certification to Rockland Trust, which includes:. The Borrower must also attest that they accurately provided the required certification and complied with program requirements. Borrowers are required to retain relevant records related to employment for four years and other records for three years, as the SBA may review and audit these loans after Forgiveness has been issued.
Please stay tuned for more information regarding the latest Paycheck Protection Program round. We encourage you to visit our PPP webpage often. If you have further questions, please reach out to your relationship manager or call our Customer Information Center at Thank you for working with Rockland Trust.
Your relationship is truly important to us. Important Note:. Rockland Trust cautions you that the Guidelines are evolving. The Small Business Administration periodically updates the Guidelines.
Some updates modify prior Guidelines, other updates provide further clarification. Rockland Trust does not provide legal, tax, or accounting advice.
Individual facts and circumstances vary from Borrower to Borrower which will impact any answers regarding any interpretation of questions. You should consult with your legal, tax, and accounting advisors to obtain advice regarding your specific situation. Businesses have up to 24 weeks from the date you received the loan to spend the funds and be eligible for loan forgiveness. However, all other questions about your loan should be directed to the SBA.
To make a payment or ask questions about your loan servicing, please contact the SBA at 1 You can apply for your second PPP loan through Square Capital using the verified payroll information and documents provided with your first PPP application.
However, you may need to upload an updated Schedule C if you filed a different version with the IRS. All businesses will also be required to verify their personal and business information with the following documentation, if so requested:. We will work to process your application as fast as we can. Processing times can depend on PPP application volume, internal SBA systems, and the completeness of all documentation you submit to support your loan application.
No need to contact Square Capital, we will notify you through email and your Square Dashboard as the status of your application changes.
You can cancel your loan within the 2 business days of the date of loan listed on the agreement, by the end of the second business day. To cancel your loan:. Please note, if the cancellation is successful, you will not be able to reapply for another PPP loan through Square, and we cannot guarantee future SBA loan eligibility.
There may also be some delays with the SBA enabling you to be approved elsewhere again, even if you are eligible to apply with another lender after cancelling with Square. Please ensure the loan funds are available for us to debit. If the debit for the disbursed balance is unsuccessful, the loan will not be cancelled: it will be reopened and interest accrued will apply. Doing so may result in an additional cancellation ACH debit to your bank account and longer processing time of your cancellation request.
Once Square Capital processes your cancellation, you will receive a follow-up email confirmation regarding your PPP loan cancellation status. PPP loans the full principal amount and any accrued interest may be fully forgiven, meaning they do not have to be repaid. If you do not apply for forgiveness, you will have to repay the loan.
Businesses have up to 24 weeks from the date you received the loan to spend the funds in a manner that is eligible for loan forgiveness. Please note, you are required to maintain documentation showing you used loan funds for eligible purposes for up to four years after you submit your forgiveness application. Please ensure you closely review program rules regarding forgiveness eligibility to ensure you are eligible for forgiveness.
Accepting a PPP loan may affect your eligibility for state-administered unemployment compensation or unemployment assistance programs. Your loan may be fully forgivable if you select a week covered period on your forgiveness application. You will have to complete your forgiveness application through Square Capital. If you lay off employees, the forgiveness amount will be reduced by the percentage decrease in your number of employees.
If you do not apply for forgiveness and use the loan for these purposes you will have to pay back the loan. Interest will start accruing the day the loan is originated. Repayment will be made with monthly payments, which will be automatically debited from your Square linked account. Repayment is deferred to the date of your loan forgiveness decision. Businesses who choose not to apply for forgiveness must begin making payments within about 16 months of receiving the PPP loan funds.
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Sales Customers Marketing Thrive. Good Company Entrepreneurs and industry leaders share their best advice on how to take your company to the next level. CO— BrandStudio. Looking for your local chamber? Chamber Finder. Interested in partnering with us? Media Kit. By: Sean Ludwig, Contributor Share. Following new coronavirus stimulus legislation passed in December , the SBA began accepting applications for second-draw PPP loans on January 13, Here are six things companies need to know about second-draw PPP loans.
To qualify, companies must meet the following criteria: The business must have previously received a PPP loan and used the full amount only for authorized uses.
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