Important updates in the Paycheck Protection Program (PPP) Flexibility Act
Here are some important things you need to know when requesting Paycheck Protection Program loan forgiveness under the CARES Act. The recently enacted Paycheck Protection Program Flexibility Act has modified some of the original requirements, with a goal of making it easier for small businesses to qualify for forgiveness in the wake of coronavirus-related restrictions and guidelines that have delayed reopening for many businesses.
PPP loans are eligible for full or partial forgiveness if the loan proceeds are used in accordance with forgiveness rules and guidelines, which have already been modified several times. Get all the latest updates regarding the Paycheck Protection Program Flexibility Act in our FAQ or contact your banker any time for assistance.
Update as of 12/30/20
The President has signed new legislation designed to provide economic relief for communities, small businesses, families, and individuals affected by the COVID-19 pandemic as well as public health measures. We expect to receive additional guidance soon and will share more information soon as it becomes available.
Update as of 11/9/20
We appreciate that you came to Community State Bank for your business needs during COVID-19. We also understand that forgiveness of the Paycheck Protection Program loan is important to you. The Small Business Administration (SBA) has provided guidance on the forgiveness of these loans and started accepting applications for forgiveness. The Community State Bank Online Forgiveness Portal is accessible, along with other helpful information. We continue to monitor Congress to see if there are any legislative updates that will make the process easier for you.
Please take time to prepare your supporting documentation and review the rules. Information on forgiveness can be found on the U.S. Treasury website or the SBA website.
We are confident that you will have plenty of time to request forgiveness. Continue to watch your email for additional updates and instructions. If you have any questions or concerns please contact your lender directly.
Loan Forgiveness Portal
(for best results we recommend accessing with Google Chrome or Firefox)
- Loan Forgiveness Portal
- Loan Forgiveness FAQ (July)
- Department of Treasury CARES Act
- SBA Payment Protection Program
Example Forms (PDF)
Note: We are not accepting paper forms. These are examples to show what documents will be needed to complete the online forgiveness application.