We wanted to communicate with you some recent changes to loan forgiveness under the Paycheck Protection Program.

As we're sure many of you are aware, President Trump has signed the flexibility law on Friday, June 5, which impacts PPP loan forgiveness conditions in a number of ways.

Here are some of the key changes:

  • The coverage period in which borrowers must spend their money is extended from 8 to 24 weeks from the date of your loan.
  • The minimum amount that businesses must spend on payroll in order to be forgiven is reduced from 75% to 60%.
  • The maturity period for unforgiven PPP loans may be extended to five years on mutual agreement of the lender and the borrower.
  • Safe harbors from reductions in loan forgiveness are available for borrowers that are unable to return to the same level of business activity and/or are both unable to rehire individuals who were employees and cannot hire similarly qualified employees.

The SBA and Treasury have indicated that they will be providing specific guidance and a modified forgiveness application to address these changes. When that becomes available, Celtic Bank will let you know.

We will provide you with both an electronic version of the forgiveness application and a timeline for completing it. Please note that we will not provide an application for loan extension until after your forgiveness application has been processed. Please note that Celtic Bank will ONLY be accepting electronic applications for forgiveness. Please do not mail or email in your application and/or any supporting documentation.

Thank you for your patience with these continued changes. Rest assured that you will have plenty of time to apply for and receive forgiveness of this loan.

We will be in touch with more on this soon.

To check the latest status on your loan, you can log in to your PPP application: here.

We are no longer accepting PPP applications.

Thank you again for your patience and understanding as we work together through these troubling times.

Stay healthy and safe.


Due to the impact of the Coronavirus, we have been fielding a lot of phone calls about disaster assistance from the Small Business Administration. At the present time, small business owners may apply online in the Disaster Loan Application Portal at For program questions or assistance in completing the application, please contact the Customer Service Center at 1-800-659-2955 or


At Celtic Bank, we remain committed to helping our customers in both good times and bad. We realize that the COVID-19 virus is causing major disruptions and we are aware that you are feeling its impact. Celtic Bank remains open and fully functional during this difficult time. In order to minimize the impact of the COVID-19 virus on our staff, our lobby will be open to the public between the hours of 10:00am to 2:00pm MST.

Due to the increased number of phone calls, we ask that you communicate with us to the extent possible by email. If you are looking for a payoff, please send your request to If you are in need of a servicing action, please email For general information about an existing loan or questions about COVID-19 relief loans, please send an email to

Your email will immediately be assigned to one of our agents who will reach out to you as soon as possible, and work with you to resolve your immediate concerns and find a way forward. Close communication at this time will help us to more effectively understand your needs and respond quickly.

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