Meredith Village Savings Bank is grateful to have been able to help support you and your business with a Payroll Protection Program (PPP) loan as offered through the CARES Act, and implemented by the Small Business Administration (SBA). Our goal is to do all that we can to assist you through the impact of the current pandemic.
We understand that you are likely looking for guidance in regards to the requirements necessary to ensure forgiveness on your loan. However, at this point, we don’t have many answers. The SBA has not yet published their final rules for guidance. This final rules is expected to provide definitions and further guidance on forgiveness instructions. In addition, Congress has made public note of some concerns with the program and is considering legislation that could potentially make taxation more friendly to borrowers; alter the Safe Harbor provisions, including moving the payback date out; expand flexibility in how the funds are used; and change the payment due dates.
While we hope that Congress and the SBA move quickly so that we can give you clear and final guidance in the near future, we have no way of knowing when, or how, they will act. The best information that we can offer to you at this time is included on our website in the COVID19 news section and the PPP loan webpage. We will continue to keep both updated as we learn new information, and will ultimately reach out again by email when we have complete final guidance from the SBA.
Thank you for your business and for your patience at this time. We are all in this together.
