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Paycheck Protection Program

Forgiveness Portal

We are pleased to announce that the portal for completing your PPP loan forgiveness application is now available. Please note that although the portal is being made available now in response to inquiries from borrowers that will opt to use the eight week covered period, the SBA has not yet released a mechanism for the Bank to submit the forgiveness applications once we conclude our review. You may complete your submission now; however, submission to the SBA will be on hold until the SBA makes its system available. Also, please refer to the documentation requirements listed on page 6 of the Loan Forgiveness Application Instructions document. Specifically, you may be required to submit quarterly payroll tax filings and deposit account statements with your application. Links to the PPP loan forgiveness applications and instructions are located below for your reference

PPP Loan Forgiveness Portal

 

 

Contact

Email Address:  commercial.lending@seamensbank.com

Thomas Johnson 774-538-3829
Amy Silva 774-538-3859
Maria Larouco 774-538-3805
Access to the Portal

The portal has been pre-populated with certain information that was submitted to the SBA for approval of your loan. To initially log in, you will be required to enter the SBA loan number and your Employer Identification Number (EIN), or your Social Security Number (SSN) if you applied for your loan as a contractor or sole proprietor. Your SBA loan number can be found on the Settlement Sheet included in your loan closing documents. If you are unable to locate your SBA loan number or are having difficulty signing in and want to verify the EIN/SSN and loan number, please contact the Commercial Loan Department. As a reminder, PPP loan borrowers have 10 months from the end of their covered period to submit the forgiveness application. The covered period is, at your option, either 8 or 24 weeks from loan disbursement unless you are using the alternative payroll covered period in  which case the start date is the first day of the payroll period following the disbursement date.

Click below to access the portal.

 

PPP Forgiveness Portal

Tutorial Video

Below is a link to a 5-minute video that provides a brief overview of how to access and complete the forgiveness application process. You will also be able to access the video under the Helpful Links Tab once they enter the portal.

Click below to access the portal.

 

Tutorial Video

Additional Information

The Portal calculates the forgiveness amount based on the payroll and non-payroll costs input; it does not include the Schedule A Worksheet or calculate your payroll amounts for the application. The field for Full-Time Equivalent (FTE) employees listed in the portal as “Employees At Time of Loan Application” is prefilled with the number provided on your loan application. If you did not calculate the number in accordance with SBA guidelines for your loan application, you may edit the pre-filled number shown in the portal. Remember to use the same calculation method for determining the FTEs for both the Loan and Forgiveness applications. Also remember that if your business operation was adversely impacted by the COVID-19 Pandemic, you may qualify for the FTE safe harbor (will not reduce your forgiveness amount) as long as you did not reduce your employees’ compensation during the covered period by more than 25%. 

Loan Forgiveness EZ Application
Loan Forgiveness Application

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