Meadows Bank has begun to hear from borrowers who are ready to submit for the forgiveness stage of their PPP loan; however, we are still waiting for additional guidance from the SBA on the forgiveness process. At this time we have not received any direction from the SBA as to what the Bank is supposed to do with the applications once they are received – where to send the applications, whether or not we need to complete a form recommending approval of the forgiveness, or how the SBA is going to pay the forgiveness amount to the Bank to reduce the loan balance. We are unable to accept forgiveness applications until the SBA provides the complete process to the Bank.
In order to make the forgiveness process as painless as possible for everyone, Meadows Bank is researching online technology partners to assist in these efforts. This will allow borrowers to complete the forgiveness application online, with an entirely paperless process (no paper applications will be accepted). Once we have selected a technology partner, each borrower will receive a link to login and complete the forgiveness process online. Thank you for your patience as we obtain the necessary information from the SBA and figure out the best online partner for this process.