Paycheck Protection Program Loan Forgiveness
Business customers who received Paycheck Protection Program loans have the opportunity to apply for loan forgiveness. To qualify, borrowers must meet criteria established by the Small Business Administration (SBA).
To help ensure an effective and efficient process for our borrowers, Burke & Herbert Bank has engaged CliftonLarsonAllen (CLA) to assist us in accepting Paycheck Protection Program loan forgiveness applications. Through their user-friendly online portal, CLA, on our behalf, will collect your forgiveness application along with the required supporting documents.
Borrowers with Paycheck Protection Program loans of greater than $150,000 already have been provided with information by the Bank and by CLA regarding submission of loan forgiveness applications. If you have not yet submitted your application through the portal, we encourage you to do so as soon as possible.
Borrowers with Paycheck Protection Program loans of $50,001 - $150,000 will receive email communications from the Bank and from CLA during the week of October 12, 2020 providing information and instructions for applying for loan forgiveness. The email from CLA will be sent from firstname.lastname@example.org with the subject line “Welcome to CLA Online Account!”
Borrowers with Paycheck Protection Program loans of $50,000 or less will be contacted during the next few weeks. On October 8, the Small Business Administration announced that borrowers with loans of $50,000 or less would be asked to submit a streamlined loan forgiveness application. Work is now underway to prepare for accepting and processing these applications.
Please check back for updates.Back