Paycheck Protection Program (PPP)
Loan Forgiveness on PPP Loans Funded in 2020
All loan forgiveness applications for PPP loans closed in 2020 were processed through the Spark Online Forgiveness Portal. All invites to the portal were sent out as of early February 2021. For login activation or general questions please email PPPreply@fremontbank.com and provide your Borrower Name and/or Loan number.
Loan Forgiveness on PPP Loans Funded in 2021
Loans of $150,000 and below: The SBA recently introduced their Direct Forgiveness Portal (DFP) to help process the smaller forgiveness applications, which make up 93% of the 7 million PPP Loans originated. We expect to opt-in to this program in the fourth quarter of 2021. And then we will gradually invite clients to this highly streamlined and convenient process.
Loans above $150,000: We have begun piloting our forgiveness process and we expect to begin inviting clients in the fourth quarter of 2021. Please continue to check this page for updates or email PPPreply@fremontbank.com for additional inquiries.
Loan Forgiveness Eligibility for PPP Loans Funded in 2020 or 2021
Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs or eligible expenses during either the 8- or up to 24-week covered period after disbursement. Note, at least 60% of the loan proceeds must be spent on payroll costs. A borrower can apply for forgiveness once it has used all loan proceeds for which the borrower is requesting forgiveness.
Time to Apply
Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making monthly loan payments to their PPP lender.
Forgiveness Application Approval by the SBA for PPP Loans Funded in 2020
If approved by the SBA, the status of forgiveness application will show as “complete” in the Spark Online Forgiveness Portal. Once loan forgiveness funds are received from SBA, our Commercial Loan Servicing Department will process the SBA payment to the PPP Loan, for the approved forgiveness amount. An SBA Forgiveness Approval Letter will be mailed to the business address we have on record, within 30-days of receiving the payment from the SBA. If any questions, the Commercial Loan Servicing Department can be reached at commercialLS@fremontbank.com or (925) 315-3850.
Forgiveness Application Approval by the SBA for PPP Loans Funded in 2021
Upon approval from SBA, the SBA Forgiveness Approval may be accessed in the same PPP forgiveness portal used to apply. If any questions, the Commercial Loan Servicing Department can be reached at commercialLS@fremontbank.com or (925) 315-3850.
First/Second Draw Loans
The SBA has stopped accepting applications effective May 4, 2021.
