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 from the initial round, have proper documentation (PDF) and meet certain requirements (PDF), an electronic process for submitting your forgiveness application is available. Please know we will not accept paper or PDF forgiveness 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
The SBA website has all the details necessary to determine which expenses are eligible for forgiveness and what documentation borrowers will need to provide. Requirements may differ depending on whether the borrower received a first- or second-draw PPP loan.
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.
Update for Economic Injury Disaster Loan (EIDL) Recipients
Based on changes enacted by the Economic Aid Act on Dec. 27, the SBA will no longer deduct EIDL advances from forgiveness payments remitted to Arvest. This change is effective for forgiveness applications with an SBA-confirmed payment status dated Dec. 20 or later.
For PPP loans where the SBA remitted a forgiveness payment to Arvest that was reduced by an EIDL advance, the SBA will automatically remit a reconciliation payment to Arvest for the previously deducted EIDL Advance amount, plus interest through the remittance date. Arvest will notify these borrowers of the reconciliation payment and is also responsible for re-amortizing the loan and notifying borrowers of the amount of the next payment due or advising the borrower that the loan has been paid in full, whichever is applicable.
If the amount remitted by the SBA to Arvest exceeds the remaining principal balance of the PPP loan (because the borrower made a payment on the loan), Arvest will remit the excess amount, including accrued interest paid by the borrower, to the borrower.