We understand you have many questions about PPP loan forgiveness. We do, too. Unfortunately, we haven't yet received definitive guidance from the Treasury about exactly how forgiveness will work for the Paycheck Protection Program.

We expect that guidance will soon come and we will certainly distribute that to you as soon as it is available.

For now, here are some key points to keep in mind when it comes to the forgiveness of your PPP loan:

  • Expense tracking. Whatever criteria is used for determining what is and is not included in payroll and other expenses eligible for forgiveness, one thing is certain – you will want to know what your business expenses were for the 8-week period (and perhaps beyond) following the disbursement of your PPP loan. So be sure to record and categorize your individual business expenses.
  • Loan payments. Please keep in mind that there are no loan payments required of you immediately after you receive funds. Under the Paycheck Protection Program, these payments are deferred for six months.
  • Forgiveness application. When the time for forgiveness becomes available, you will apply directly with Celtic Bank. We will most likely have designated forgiveness application dates, and we will most certainly let you know ahead of time when you may apply with us for forgiveness of your loan.

Thank you for your patience during this difficult and stressful year. We hope you are all healthy and safe, and we will be in touch with more information as soon as it is available.