Paycheck Protection Program

We're Here. For Businesspeople & Farmers Navigating COVID-19. 

APPLY FOR PPP LOAN           APPLY FOR PPP Loan FORGIVENESS 

 We’ve made it easy to apply for a PPP loan or PPP loan forgiveness from our web site. Scroll down this page for more details on how the most recent COVID relief legislation impacts PPP eligibility and loan forgiveness, instructions for applying for loan forgiveness and an alert about email fraud.

Updated PPP Loan Application Guidelines

The COVID relief bill signed into law at the end of December 2020 includes approximately $285 billion for additional PPP lending and streamlined forgiveness. Loans are available to qualified applicants whether they are first-time borrowers or 2020 borrowers still experiencing COVID- related financial distress. The program’s criteria, loan forgiveness limits and qualified expenses are different from the first PPP legislation. 

First Time PPP Borrowers

Loan Amount Based On Payroll Expenses
Up to $10 million, 5-year term maximum.

Qualified Expenses
Payroll costs, mortgage interest and payments, utilities, interest on pre-existing debt and operating expenses, property damage, supplier costs and worker protective equipment.

Loan Forgiveness Eligibility
Borrowers must apply for forgiveness through their lender and provide required documentation. SBA requires that at least 60% of funds be used for payroll expense in order to qualify for forgiveness.

Second Time PPP Borrowers                                                                                  

Qualified Expenses
Payroll costs, mortgage/lease interest and payments, utilities, interest on pre-existing debt, operating expenditures, property damage, supplier costs, worker protective equipment.

Loan Forgiveness Eligibility
Borrowers must apply for forgiveness through their lender and provide required documentation showing 100% of the funds were applied to qualified expenses. SBA requires that at least 60% of funds be used for payroll expense in order to qualify for forgiveness. A streamlined process for forgiveness up to $150,000 has been approved.

For more information, review FAQs on the web sites of federal agencies responsible for overseeing the PPP Program.

Small Business Administration

U.S. Treasury

 We encourage you to consult with your accountant or legal counsel.

PPP Loan Forgiveness Instructions

Instructions on how to complete your forgiveness application can be found at the links below:

SBA 3508 SBA 3508EZ SBA 3508S

Beware Of Email Fraud.

Please be extra diligent. PPP borrowers are being targeted by email fraudsters. All legitimate SBA emails are sent from a sba.gov address. Contact Heritage Bank with questions about PPP-related emails.