Congratulations on closing your PPP Loan! By now, you may be wondering what the forgiveness process and requirements will be for your loan. Leader Bank is committed to keeping you as up to date as possible as we receive information from the SBA. We have created this PPP Forgiveness Resource page for our customers, which will be consistently updated with information regarding SBA forgiveness as well as providing the SBA’s PPP Forgiveness Applications (Forms 3508 and 3508EZ) that our PPP Borrowers can complete as part of the process.
Sushil Tuli, CEO, Leader Bank, NA
Last updated 09/14/2020
Leader Bank understands that borrowers under the SBA’s Paycheck Protection Program are very interested in information regarding the potential forgiveness of their loan balance. We are closely monitoring announcements and rules from the SBA to ensure that we can provide our customers with as much information as possible.
With the recent passage of the Paycheck Protection Program Flexibility Act (the “Act”), PPP borrowers now have significantly more flexibility in seeking forgiveness. This includes extending the time period for spending PPP funds, reducing the percentage of forgiveness that must be spent on payroll costs, and other key reforms. Treasury and the SBA have issued updated forms and instructions for forgiveness based on the Act, but additional changes may be forthcoming. The guidance provided on this website is accurate as of the “Last Updated” date above, and we recommend you visit this page regularly for updates and we look forward to giving you more up-to-date information as soon as it is available. If you have any further questions, please reach out to your Leader Bank small business loan officer directly.
Any of our SBA professionals would love to speak with you about your lending needs. Call or email today - we are happy to answer your questions whether you need a loan from us right now or are just looking for advice for the future.