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PPP Loan Forgiveness Applications – Update

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November 12, 2020

Dear Clients, Colleagues and Friends,

Your Paycheck Protection Program (PPP) loan forgiveness strategy may impact your 2020 year-end tax planning. P&N is here to assist you in evaluating your specific circumstances so that you may make an informed decision regarding your PPP loan forgiveness application.

PPP loan forgiveness applications are currently being accepted by some financial institutions. The following is a current listing of banks and lenders we have identified that are accepting PPP loan forgiveness applications (some are by invitation only):
Bank of America
Citizens Bank
ConnectOne (only accepting applications for loans over $150,000)
Midfirst Bank
Signature Bank
TD Bank (only accepting applications for loans over $50,000)

The following banks are asking applicants to contact their banking representative to learn more information about their process, and any applicants that do not reach out will be contacted in the coming weeks by these banks:
BNB Bank
Capital One Bank

The following banks and lenders are currently not accepting PPP loan forgiveness applications:
American Express (no update)
Bethpage Federal Credit Union (no expected date announced)
BlueVine (expected to start accepting applications in Q1 2021)
Kabbage (no update)
PNC Bank (applicants will receive an email invitation to apply once their portal is ready)
Square Capital (applicants will receive an email invitation to apply once their portal is ready)
Valley National Bank (currently allowing preregistration for forgiveness applications) 

P&N continues to monitor the latest guidance issued by the U.S. Department of the Treasury and the U.S Small Business Administration. For all of our COVID-19 updates, please visit our website at www.pntax.com and our COVID-19 updates page at https://www.pntax.com/covid-19/.

If you have any questions or need further information, please contact your Presti & Naegele professional directly, or dial 212-736-0055 for immediate assistance. Stay safe.

Presti & Naegele