We’re committed to you. We understand the impact that the current coronavirus (COVID-19) pandemic has had on individuals and businesses within our community and around the world. As a preferred SBA lender, we have provided almost $80 million to our business customers. We helped them maintain or employ over 5,000 employees as part of the Paycheck Protection Program.
Important Changes to Your Paycheck Protection Program (PPP) Loan
On June 5, 2020, the Paycheck Protection Program Flexibility Act was signed into law. Under the Flexibility Act, there were changes to the Paycheck Protection Program (PPP) and the deferral period. The deferral period has now been extended until the day on which the SBA pays Cornerstone Bank the forgiven portion of your loan. If you do not apply for forgiveness within 10 months after the end of the chosen covered period, your deferral expires. This modification is automatic and does not require any action on your part.
We are now accepting loan forgiveness applications. Please visit the online forgiveness application portal to begin the process.
We encourage you to visit the SBA’s website to review the three forgiveness applications, instructions, and FAQs related to PPP forgiveness.
To log in to the portal, you will need the following:
- Your business EIN or social security number
- SBA loan number located on the SBA loan
- PPP loan amount located on the SBA loan
With this information, you will be able to log in and complete your forgiveness application. The application will include step by step instructions.
Along with the application, you are required to upload one or more supporting documents to verify your payroll costs and non-payroll costs.
If you have any questions, please contact your Loan Officer by calling 1-800-939-9103.
We thank you for your business and wish you good health and wellness.