PPP Loan Forgiveness


As an SBA Preferred Lender, Bridgewater Bank is dedicated to supporting our clients through the PPP Loan Forgiveness Process. If you are a Bridgewater PPP client, please see below for details on how to submit your request for forgiveness. The deadline to apply is December 31, 2020.

Ready to start the Loan Forgiveness process?

Getting Started

An EZ Forgiveness Application is available for borrowers who:

  • Are self-employed and have no employees; Or
  • Did not reduce the salaries or wages of their employees by more than 25% and at least one of the following is true:
    • did not reduce the number or hours of their employees: Or
    • Experienced reduction in business activity as a result of State or Federal health directives related to COVID-19

If any of the above criteria apply to you, you are eligible to use the EZ Application. If you cannot answer yes to any of the above scenarios, you will use the Standard Application.

File Using EZ Application

Step 1: Download and Complete the Following Items

Once downloaded, complete both the EZ BWB PPP Loan Calculator and collect the appropriate documentation found in the EZ Loan Forgiveness Checklist.

Step 2: Email Your BWB PPP Loan Officer

Email your completed loan calculator and Loan Forgiveness Checklist documentation to your BWB PPP Loan Officer.

Step 3: BWB Reviews Items for Completeness

In order to ensure accuracy, BWB will review all items prior to submitting to the SBA.

Step 4: Complete PPP Forgiveness Application for SBA

One approved, BWB will send you a completed PPP Loan Forgiveness Application for a signature via DocuSign. This is your final step.

Step 5: Submit

Bridgewater Bank will submit your application to the SBA. Your BWB PPP Loan Officer will be in touch once approved.

File Using Standard Application

Step 1: Download and Complete the Following Items

Once downloaded, complete both the Standard BWB PPP Loan Calculator and collect the appropriate documentation found in the Standard Loan Forgiveness Checklist.

Step 2: Email Your BWB PPP Loan Officer

Email your completed loan calculator and Loan Forgiveness Checklist documentation to your BWB PPP Loan Officer.

Step 3: BWB Reviews Items for Completeness

In order to ensure accuracy, BWB will review all items prior to submitting to the SBA.

Step 4: Complete PPP Forgiveness Application for SBA

One approved, BWB will send you a completed PPP Loan Forgiveness Application for a signature via DocuSign. This is your final step.

Step 5: Submit

Bridgewater Bank will submit your application to the SBA. Your BWB PPP Loan Officer will be in touch once approved.

Frequently Asked Questions



Q: When should I start the Forgiveness Process?

A: You can start the Forgiveness Process as soon as you’ve spent all of your PPP Loan Funds and after your Covered Period has ended. However, you do not need to submit for Forgiveness right away. There continues to be changes to the PPP Forgiveness Process and we expect further changes as time passes. You have until December 31, 2020 to submit your PPP Forgiveness Application to the SBA.

Q: How do I know which form I should use – the EZ Form or the Standard Form?


A:  Follow the instructions at the top of the page to assist you in determining which form you should use. You will need to be able to answer “Yes” to one of those questions to be eligible to use the EZ form. If you are uncertain which form you should use, please reach out to your Bridgewater Bank PPP Lender.

Q: What information will you need from me?


A: We will need you to complete a BWB PPP Forgiveness Calculator, or provide a summary form from your accountant or your payroll processor. This will need to be sent to us along with all of your supporting documentation detailing how you spent your PPP Loan Funds. Once we receive those items and verify the information and the Forgiveness Amount, we will send you a completed PPP Forgiveness Application through DocuSign for you to sign and send back to us.

Q: What if my accountant or my payroll processor has already provided me with a summary of how I spent my PPP Loan Funds. Do I also need to complete your calculator?

A: We will need to review the information to determine its accuracy and completeness before we can accept external summaries. If you have your own summary form, please reach out to your Bridgewater Bank PPP Lender to discuss if this information will be acceptable.

Q: How long will it take until I know if my PPP Loan is Forgiven?

A: We will be working through PPP Forgiveness Applications as quickly as possible. While we have up to 60 days to provide you with our review and approval of a PPP Forgiveness amount, we expect that decisions should be made much faster than that, likely within 3-5 business days. Once we submit the Bridgewater Bank approved amount to the SBA, the SBA will have up to 90 days to review the form and remit the approved Forgiveness payment to Bridgewater Bank. We will notify you of the progress of your PPP Forgiveness Application as we have updates.

Q: I received my PPP loan, but still need to move my deposit account over to BWB. How do I start that process?

A: Please call one of our dedicated Deposit Services Team members at 952.893.6868. They will be happy to help you with opening your accounts and transitioning your Business and Personal deposit accounts to Bridgewater Bank.

Q: What happens if my PPP loan is not forgiven? Or only a portion of my loan is forgiven? 

A: Your lender may allow you to provide additional documentation for them to reevaluate your request. Otherwise, review your promissory note for payment terms. There is no prepayment penalty. You can pay off the outstanding balance at any time with no additional fees. 

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