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2021 PPP Loan Applicants

PPP Funding has run out for all new applications. Feel free to call the Bank of Brodhead and speak to Adam Sommer with any questions regarding the program.

 
 
Please visit the following webpages for more information and instructions on the program from SBA.



2020 PPP Forgiveness Process

For any PPP loans written in calendar year 2020 please call Adam Sommer if you have not submitted a forgiveness application.

 

2021 PPP Forgiveness Process – COMING June 15, 2021

For customers that have received an SBA PPP loan from Bank of Brodhead in 2021, we will be utilizing an online portal for the preparation of the SBA Application for Forgiveness (SBA Form 3508, 3508 EZ, and 3508S) as well as for uploading of supporting expense documentation.

 
Borrowers will receive an invitation to apply for forgiveness when eligible.  For borrowers without access to email, our lenders will reach out when you are eligible for forgiveness to start the process.  Any questions should be direction to Adam Sommer.

 
The Treasury and SBA have created and published updated resources (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-5(opens in a new window)) for borrowers regarding the program. You may find the following information helpful to you as you plan what expenses to pay with the PPP loan proceeds and any other actions you need to take to maximize your loan forgiveness.

 

 

 

DISCLAIMER:

Information provided is on the PPP administered by SBA. Loan terms are set by the SBA and may be subject to change at any time by SBA without notice to you or the Bank of Brodhead. Approvals are subject to SBA requirements at the time of loan origination. Loans are subject to the availability of funding by SBA. PPP details provided by Bank of Brodhead are accurate as of the time of posting and are subject to change by the SBA solely at their discretion and without notice to your of the Bank of Brodhead. The most up to date information is available on the SBA website.

Applications will only be accepted while the PPP is open and funding is available. It is possible that you may submit an application and PPP funds are no longer available, the PPP is discontinued, and/or technical communication difficulties prevent Bank of Brodhead from conducting transactions with the SBA’s website. In this case your application will not be submitted to the SBA. By submitting your application to Bank of Brodhead you acknowledge the PPP is administered by SBA and you agree to hold Bank of Brodhead harmless against any and all claims resulting from you not receiving a loan, funding, or forgiveness under the PPP.
 
Bank of Brodhead does not provide tax or legal advice. Please consult a competent, experienced, licensed professional for tax or legal advice.