SBA PPP Forgiveness Notification

If you have borrowed money from The North Side Bank and Trust Company in conjunction with the Small Business Administration’s (SBA) Paycheck Protection Program. The SBA is beginning to process applications for forgiveness of these loans. If you have not already applied for forgiveness of this loan, you can find the application and instructions on the SBA website (sba.gov). After you have completed it, please return the application and all required supporting documentation to the Bank. A Bank representative will submit the forgiveness request to the SBA. Be certain to submit the correct application, as there have been numerous amendments and there are different forms depending on the size of your loan.

The original terms of these loans were interest only payments for two (2) years. Payments were deferred for the first six (6) months of the loan. The SBA recently extended the deferral period to ten (10) months. There is no need to sign an amendment to the loan.