Important Information Regarding PPP Forgiveness Application
Letter to Clients; RE: PPP Forgiveness 12.08.2020
Dear Atlantic Capital Customers,
Many of you have asked questions about Atlantic Capital’s Paycheck Protection Program (“PPP”) forgiveness process. We appreciate your patience as we carefully prepare to assist each of our PPP clients that intend to seek forgiveness of their PPP loans.
How does forgiveness work?
Companies with PPP loans are required to complete an application for forgiveness through their PPP lender and provide specific documentation to support their forgiveness request. For complete, up-to-date rules governing the SBA’s PPP loan forgiveness process including the types of costs that are eligible for forgiveness, what documentation you will need to submit as part of your application, and the time frames for the application and approval process, please visit the SBA website. The SBA has also provided this Paycheck Protection Program Loan Forgiveness Fact Sheet to assist PPP borrowers in preparing to apply for forgiveness.
When will Atlantic Capital accept my forgiveness application?
Over the past couple of months, Atlantic Capital has been testing the forgiveness process with a small number of applications. As we near completion of what thus far has been a successful pilot program, we are actively preparing to expand the forgiveness program to a larger number of our PPP clients.
In order to ensure the best possible service level, Atlantic Capital is planning to invite our PPP clients to apply for forgiveness in waves starting in early 2021. You will be contacted by email when your wave is opened for applications. We expect it will take several months to assist all our PPP clients through the application process.
We understand that some of our clients may have extenuating circumstances that drive a need for specific timing of their forgiveness applications. If you need to start the forgiveness process and you have not yet received an invitation to apply, please contact your Atlantic Capital Relationship Manager to discuss your specific situation.
How do I submit my forgiveness application?
Atlantic Capital only accepts online forgiveness applications. Atlantic Capital will send you an email when your wave opens for applications with a link to our secure online application portal along with step by step instructions to complete your application and upload required supporting documentation.
Is there something I can do to prepare in the meantime?
Yes! You can review the forgiveness applications and accompanying instructions on the SBA website, determine which forgiveness application is going to be appropriate for your situation, and begin gathering the specific documentation that will be required to support your forgiveness application. We highly recommend enlisting the support of your accounting and tax advisors in this process.
Thank you for entrusting Atlantic Capital with your PPP loan. We look forward to assisting each PPP client with forgiveness in the coming months. Please contact your Atlantic Capital Relationship Manager with any questions.
President and CEO
Atlantic Capital Bank