Old Point is here to assist you should you have any other questions.
You can reach out directly to your Relationship Manager, contact our Customer Service Center at 757.728.1290 or email PPPforgiveness@oldpoint.com.
PPP Loan Forgiveness FAQs:
- When can I start my forgiveness application?
- What documents do I need to start my forgiveness application?
- When is the deadline to submit my forgiveness application?
- Do I get to choose between an 8-week and 24-week Covered Period?
- As far as payroll costs, what is the difference between paid and incurred costs?
- What will a reduction in employees’ salary or wages have on the loan forgiveness amount?
- Will my loan forgiveness amount be reduced if an employee was laid off, offered to rehire the same employee, but the employee declined the offer?
- Can I prepay rent or my mortgage?
- Once I submit my application, how long does the forgiveness process take?
- Do I have to make payments on my loan if the forgiveness process is not complete?
- How does an EIDL Advance affect loan forgiveness?
- If I were to sell my business, how does a change in ownership affect my PPP loan or loan forgiveness?
- How long do I need to keep my documentation related to PPP?
The loan forgiveness information presented on this site is only meant to be a high-level summary of what we know from the SBA about loan forgiveness to date. It is not intended as tax, legal, or accounting advice. The SBA and the U.S. Treasury Department regularly provide new rules, regulations and other guidance with respect to the PPP (https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses). Additional guidance has been provided by the SBA with respect to the forgiveness application and related calculations which could impact your forgiveness calculations. Due to the complexity of the program rules, and to maximize your forgiveness, we recommend you consult your counsel, accountants or other advisors to review all the terms of the PPP Flexibility Act and remain up to date on all relevant rules, regulations and guidance provided by the SBA and the U.S. Treasury Department with respect to the PPP.