PPP Loan Forgiveness

PPP Forgiveness Update

As of 7/6/20: 

Bridgewater Bank is no longer accepting new PPP Loan Inquiries in an effort to focus on processing the forgiveness of existing PPP Loans. We appreciate your understanding.

We are aware of the current legislation that changed some of the requirements for forgiveness of PPP loans. To view a summary of these changes, click here. We are diligently reviewing these changes and awaiting guidance from the SBA on how they impact the Forgiveness Process. Currently, we are unable to process any completed Forgiveness Applications as the SBA has not provided guidance on how to submit completed forms. Until then, please continue retaining detailed supporting documentation for how your PPP proceeds are being spent.

Please check back to this website for additional information on the PPP Forgiveness Process. We will update this page as soon as additional information is made available.

Frequently Asked Questions

Q: When should I start the Forgiveness Process?

A: Right now, all you need to do is keep detailed records of how you’re spending your PPP Loan dollars. A PPP Forgiveness Application and updated EZ Application were released by the SBA in early June; however, we are currently waiting for additional guidance from the SBA on how to process and submit completed Forgiveness Applications. We will be updating this site regularly as we learn more.

Q: What information will you need from me?

A: The SBA is requiring a completed Forgiveness Application along with the supporting documentation detailing how businesses spent their PPP loan dollars. This supporting documentation can include bank records, copies of checks, or reports provided by any 3rd party payroll processors. 

Instructions for how to submit for PPP Forgiveness and necessary forms will be provided on this website as they are finalized. We will notify all PPP Loan Recipients when these forms are ready, but please feel free to check back to this site periodically for 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 up your accounts.

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