August 17, 2020

 

Message from Farmers Bank & Trust:

 

We wanted to provide an update on the PPP forgiveness process. The SBA opened the forgiveness portal to lenders on Monday, August 10th. We, like most banks, have decided to wait before accepting forgiveness applications at this time. We have made this decision as Congress is still considering forgiveness issues, including automatic forgiveness under a certain dollar threshold and simplification of the forgiveness application.

 

We feel that it is prudent to wait a few weeks to see if any simplification measures are implemented. If not, we will contact each borrower and start moving forward in the forgiveness process.

 

Please prepare for the forgiveness process by reviewing our linked resources, work with your accounting professional, and visit SBA.gov and Treasury.gov for rules and required forms.

 

We will post updates here on our website at MyFarmers.Bank and contact PPP loan customers when we begin accepting forgiveness applications.

 

Thank you,

 

Dave White

Chief Lending Officer

NMLS #462122

 

Resources:

 Farmers Bank & Trust Forgiveness FAQ 

SBA.gov 

Treasury.gov 

U.S. Chamber of Commerce PPP Forgiveness Guide