As an SBA Preferred Lender, Arvest respects the vital role small businesses play in our communities. We also want to help you understand your options regarding the forgiveness phase of the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP).
For customers who have exhausted their PPP funds, have proper documentation (PDF) and meet certain requirements (PDF)*, an electronic process for submitting your application is now available. Please know we will not accept paper or PDF applications.
Additionally, for all customers, due to changes in SBA guidance, principal and interest payments for PPP loans will no longer be due seven months from the funding date. Due dates are dependent on other dates and factors. Customers who do not apply for loan forgiveness within 10 months of the end of their 24-week covered period will be required to begin making principal and interest payments.
Other Loan Forgiveness Requirements
When you apply, you will need to provide documentation for your eligible expenses. If you have questions about eligible expenses, please visit the SBA website* for a complete list.
We want to help make this process as seamless as possible. If you have questions, schedule an appointment for a banker to reach out to you by phone.
Reminder for Economic Injury Disaster Loan (EIDL) Recipients
If you received an EIDL advance/grant ($1,000-$10,000), that amount will be added to your forgiveness gap and must be repaid. When you receive your forgiveness application Docusign package, the PPP forgiveness application will not include the EIDL advance amount. The SBA will review your application and even if you receive full forgiveness of the PPP funds, you will still owe the EIDL advance. As per the CARES Act Section 1110, EIDL advances must be deducted from the loan forgiveness amount.
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