SBA Payroll Protection Program

For Clients with Loans Under $50,000: On October 8^th the Treasury Department and the SBA released the 3508S (Simple) application for all PPP loans less than $50,000.

According to the SBA, it will take at least a few weeks to incorporate these changes into the forgiveness process. These changes will delay our invitation for you to apply for forgiveness until the SBA is prepared to receive applications in the new format. The simple form will allow for two modifications and is meant for borrowers with loans less than $50,000. First, the total forgiveness amount can be one single data input for all items Payroll, Non-Payroll Qualifying Expenses. The second item is borrowers will still be required to provide Supporting Documentation on Payroll and Non-Payroll Expenses to the lender.

For more information on the 3508 Simple Form, please click the button below.

We will have a staggered rollout for PPP Forgiveness Applications based on loan amounts and by loan dates to allow for processing speed and to have team members available to address and assist customers with any questions. All applications will be completed via our online portal that walks you through the application instead of the static PDF format.
 
We will be sending emails with unique links and instructions on how to access the online portal once the SBA has made the necessary changes. The email will be sent from mbinfo@middlefieldbank.com, you may need to whitelist this address and check your spam folders.  

For Clients with Loans over $50,000: We will have a staggered rollout for PPP Forgiveness Applications based on loan amounts and by loan dates to allow for processing speed and to have team members available to address and assist customers with any questions. The application will be completed via an online portal that walks you through the application instead of the static PDF format.

Please watch for your email invitation to apply with a unique link and instructions on how to access the online portal over the next few weeks for those with loan amounts over $50,000. The email will be sent from mbinfo@middlefieldbank.com, you may need to whitelist this address and check your spam folders.  

For All Clients: As a reminder, the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) extended the deferral period for borrower payments of principal, interest, and fees on all PPP loans. 

To the date that SBA remits the borrower’s loan forgiveness amount to the lender (or if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period). The SBA does not require a formal modification to the promissory note. A modification of a promissory note to reflect the required statutory deferral period under the Flexibility Act will have no effect on the SBA’s guarantee of a PPP loan.

For more information on the SBA's PPP FAQ, please click the button below.