Because you have a Paycheck Protection Program (PPP) loan funded by SFC Bank, you may have recently received a notice in the mail regarding the review of your monthly payment amount, new payment amount and payment start date. Please disregard this notice as they were sent in error. The payments have all been deferred as previously stated and there are no payments currently coming due. We are diligently working to update our system to correct this issue and appreciate your understanding.
We apologize for any confusion and if you have any questions please contact your lender directly.
Access Loan Forgiveness Portal
(for best results we recommend accessing with Google Chrome or Firefox)
Important updates in the Paycheck Protection Program (PPP) Flexibility Act
Here are some important things you need to know when requesting Paycheck Protection Program loan forgiveness under the CARES Act. The recently enacted Paycheck Protection Program Flexibility Act has modified some of the original requirements, with a goal of making it easier for small businesses to qualify for forgiveness in the wake of coronavirus-related restrictions and guidelines that have delayed reopening for many businesses.
PPP loans are eligible for full or partial forgiveness if the loan proceeds are used in accordance with forgiveness rules and guidelines, which have already been modified several times. Get all the latest updates regarding the Paycheck Protection Program Flexibility Act in our FAQ or contact your banker any time for assistance.
Update as of 10/19/20
On October 9, 2020, The Small Business Administration and The U.S. Treasury released Loan Forgiveness Application Form 3508S that may be used by borrowers who received a PPP loan of $50,000 or less. This application is two pages long and significantly reduces the amount of required calculations and supporting documentation.
The SFC Bank Online Forgiveness Portal will soon include these updates as well. We anticipate that the new application and process will be available for you on or about November 2, 2020. Please take this time to prepare your supporting documentation and review the rules.
The new form 3508S and the instructions for completing it can be found here.
Note: Please do not send in paper applications. These are for reference only. The 3508S form option will be added to our online portal soon.
Update as of 8/13/20
We appreciate that you came to SFC Bank for your business needs during COVID-19. We also understand that forgiveness of the Paycheck Protection Program loan is important to you. The Small Business Administration (SBA) has provided guidance on the forgiveness of these loans and started accepting applications for forgiveness on August 10th. The SFC Bank Online Forgiveness Portal will soon be accessible on our bank website along with other helpful information. We are currently testing the portal so that we can offer you the best experience. We are also monitoring Congress to see if there are any legislative updates that will make the process easier for you.
Please take this time to prepare your supporting documentation and review the rules. Information on forgiveness can be found on the U.S. Treasury website or the SBA website. When our portal is activated we will send you a personalized e-mail with instructions, helpful tips and a link to access the portal.
We are confident that you will have plenty of time to request forgiveness once the portal is ready. We appreciate your patience and understanding as we navigate this program together. Continue to watch your email for additional updates and instructions. If you have any questions or concerns please contact your lender directly.
- Access Loan Forgiveness Portal
- Loan Forgiveness FAQ (July)
- Department of Treasury CARES Act
- SBA Payment Protection Program
Example Forms (PDF)
Note: We are not accepting paper forms. These are examples to show what documents will be needed to complete the online forgiveness application.