Paycheck Protection Program

As of 5/5/21, the Paycheck Protection Program funding has been exhausted for all lenders other than “Community Development Financial Institution”, defined for bankers purposes as minority depository and community development financial institutions. To that end, TowneBank can no longer accept loan applications for either First or Second Draw PPP loans. Please contact the SBA for further information.

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  • To support your forgiveness application, we will provide you with access to our online portal when you are eligible to apply. The portal includes worksheets and performs the necessary calculations, allows you to upload supporting documents, and provides an online signature process. Please note, your application must be submitted online. Unfortunately, we cannot accept paper or emailed applications. 

    This is the notification and application process: 

    • When you are eligible to apply for loan forgiveness you will receive a call from your banker and/or email from pppportal@townecares.townebank.com. (Please do not send messages to this email address). 
    • Your email will include a link to our online portal where you can complete the application, calculate the forgiveness amount, and upload your supporting documentation.
    • Your email will also include our training video.
    • After your loan application is submitted online, you can log back into the portal using your loan number and Tax ID to check the status of your application at any time.
    • If we have questions or need additional information for your application, we will reach out to you.

    If you have received your notification, you can log into the portal here. 

    Forgiveness Application Portal

  • Loans made through the PPP program can potentially be forgiven in-part or in-full. This means that you may not be required to repay up to 100% of the principal balance plus accrued interest on the loan if certain conditions are satisfied. 

    Payment of principal, interest and fees are deferred until the forgiveness process is complete and TowneBank is paid by the SBA based on program changes by the SBA. Visit the SBA website for details on the loan forgiveness program. 

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    To be considered for maximum forgiveness you must meet all conditions:

    • At least 60% of the proceeds must be used for payroll costs. The remaining 40% can be used for other eligible purposes, including utilities, rent and mortgage. 
    • The covered period is the measurement period accounting for your payroll and non-payroll spending of your PPP loan funds. If your loan closed prior to June 5, 2020, you may select either the original eight week covered period or an optional covered period of up to twenty-four weeks. If your loan was closed on or after June 5, 2020 you may select up to twenty-four weeks for your covered period.

The loan forgiveness information presented on this site is only meant to be a high-level summary of what we know from the SBA about loan forgiveness to date. It is not intended as tax, legal, or accounting advice. The SBA and the U.S. Treasury Department regularly provide new rules, regulations and other guidance with respect to the PPP (https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses). Additional guidance has been provided by the SBA with respect to the forgiveness application and related calculations which could impact your forgiveness calculations. Due to the complexity of the program rules, and to maximize your forgiveness, we recommend you consult your counsel, accountants or other advisors to review all the terms of the PPP Flexibility Act and remain up to date on all relevant rules, regulations and guidance provided by the SBA and the U.S. Treasury Department with respect to the PPP.

FAQs

  • Please contact your local TowneBank office to learn more about applying for PPP loan forgiveness.
  • Please visit our loan forgiveness portal here.
  • We will notify you via email and/or through your TowneBank banker that your loan is in the forgiveness queue. When you are notified, you will navigate to the portal and log in using your SBA loan number and your EIN number. If you received more than one PPP loan, you will be notified separately for each loan you received.
  • For the latest information, please visit our Paycheck Protection Program page.
  • We will notify you via email and/or through your TowneBank banker that your loan is in the forgiveness queue. When you are notified, you will navigate to the portal and log in using your SBA loan number and your EIN. If you received more than one PPP loan, you will be notified separately for each loan you received.