SBA Paycheck Protection Program

 

 PPP Alert:

On May 5, 2021, as a result of the Small Business Administration (SBA) informing the trade associations that Paycheck Protection Program funding has been exhausted BankNewport will no longer be accepting new applications and will only be processing applications in which we have received confirmation from the SBA that funding has been reserved.  To check on the status of your application please contact us at PPP@banknewport.com.

Currently BankNewport is only accepting PPP Loan Forgiveness Applications for PPP Loans received and disbursed in 2020 (Round 1 Loans). BankNewport is NOT accepting forgiveness applications for loans obtained on or after January 19, 2021 (Round 2 Loans). BankNewport will be accepting Round 2 Forgiveness Applications in late summer 2021.

Please be advised we will communicate with you via the Portal so it is important that you access the Portal regularly to check your mail and loan status.

We have worked diligently with our partners to develop a streamlined online PPP Loan Forgiveness Application process, which is available to you in our  PPP Loan Forgiveness Application Portal. THIS ONLINE FORGIVENESS APPLICATION PORTAL IS CURRENTLY AVAILABLE FOR ROUND ONE LOAN APPLICATIONS ONLY. For borrowers who demonstrate that there is no ability to have access to a computer please contact one of the following Branch Offices for assistance.

Branch Banker Phone Number
Newport Evan Rose 401.849.1244
Middletown Patrick Burns 401.846.3610
Narragansett Lynn Wagner 401.782.1089
East Greenwich Kathleen Sanderson-Upham 401.886.1681
Chapel View Ron Greenwood 401.437.8044
Warren Victor Correia 401.245.5522
Dorrance Laura Guillen 401.228.8242
Dorrance John Tancredi 401.228.8242

Existing BankNewport PPP customers can expect to receive regular email communications from us, and as always you can visit this page for important updates and additional information.

Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.

How To Apply For Forgiveness:

Please note: For 3508S Forgiveness Applications (to be used for loans of $150,000 and less) supporting documentation is not required to be attached - simply disregard this tab and click through it. 

When Can I apply for Loan Forgiveness?

You can apply for forgiveness any time after the end of your covered period up to the maturity date of the First Draw PPP Loan.  If you do not apply for forgiveness within 10 months after the last day of your covered period, then your PPP loan payments are no longer deferred, and you must begin making loan payments to BankNewport. *****Please note: BankNewport, at this time, is only accepting PPP Loan forgiveness applications for PPP loans received and disbursed in 2020 (Round 1 Loans). BankNewport is NOT accepting forgiveness applications for loans obtained on or after January 19, 2021 (Round 2 Loans). BankNewport will be accepting Round 2 Forgiveness Applications in late summer 2021.*****

What type of Application should I use?

Each PPP loan must use a separate loan forgiveness application. When you are in the PPP Forgiveness Portal you will have the choice of using one of the 3 forgiveness application types below:

Form 3508S

Applies to borrowers who received a PPP Loan of $150,000 or less. Form 3508S requires fewer calculations and less documentation for eligible borrowers. (Please Note: No payroll documentation is required to be attached to the forgiveness application for PPP Loans of $150,000 or less).

Form 3508EZ

Applies to borrowers who meet any one of the two criteria outlined below and the PPP loan is greater than $150,000. (Please note: Payroll documentation is required to be attached to the PPP Loan forgiveness application).

Use form 3508EZ if:

The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000.) ;AND The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period.

  • Ignore reductions that arose from an inability to rehire individuals who were employees on February 15, 2020 if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020 (or, for a PPP loan made after December 27, 2020, the last day of the Covered Period).
  • Also ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused. See 85 FR 33004, 33007 (June 1, 2020) for more details.

OR

The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000). ; AND The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 (or, for a PPP loan made after December 27, 2020, requirements established or guidance issued between March 1, 2020 and the last day of the Covered Period) by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.

Form 3508

Applies to all others. (Please note: Payroll documentation is required to be attached to the PPP Loan forgiveness application)

How do I Apply for Loan Forgiveness?

*****Please note: BankNewport, at this time, is only accepting PPP Loan forgiveness applications for PPP loans received and disbursed in 2020 (Round 1 Loans). BankNewport is NOT accepting forgiveness applications for loans obtained on or after January 19, 2021 (Round 2 Loans). BankNewport will be accepting Round 2 Forgiveness Applications in late summer 2021.*****

You may access the Forgiveness Request Portal here.

APPLY NOW 

Please follow the steps below to create an account and begin your PPP Loan Forgiveness Application process.

  • When logging into the Loan Application Portal, please use a current/updated version of  Google Chrome, Microsoft Edge or another browser but not Internet Explorer. The Portal will not work using Internet Explorer.
  • If you have previously accessed the Portal – For example: you applied for a First Draw or Second Draw PPP Loan in Round 2 (i.e. loans obtained after January 19, 2021) OR you have already established a username and password in the BankNewport PPP Loan Forgiveness Portal:
    • Enter your email address in the far right section labeled "Pick UP Where You Left Off"(the same email address used to apply for your First Draw or Second Draw PPP Loan or used to begin the forgiveness process)
    • Enter your password in the far right section labeled "Pick UP Where You Left Off" (the same password used to apply for your First Draw or Second Draw PPP Loan or used to begin the forgiveness process)
    • Click Login
  • If this is your first time accessing the Portal:
    • Type in your EIN or SSN (with no dashes) and the ten-digit SBA Loan Number (Note: this is not the same as your BankNewport loan number. Your SBA Loan Number can be found on your note or you may email us at PPPforgiveness@BankNewport.com to obtain it).
    • Click “Find Your Loan”.
    • Verify SBA Loan Amount (you will chose the correct amount of your PPP Loan from 5 available choices).
    • Create an account, enter an email address and password. This will allow you to access your account to view current status, pending items, e-sign documents and review messages.
    • Click Create Account.

This new online portal will guide you through the PPP Loan Forgiveness Application process. It also has DocuSign as a feature which will allow you to sign all required documents electronically. Make sure you are on the lookout for emails from “DocuSign”. Please be advised we will communicate with you via the Portal message box so it is important that you access the Portal regularly to check your messages and loan status.

Frequently Asked Questions (FAQ) Paycheck Protection Program (PPP) Forgiveness: