COVID-19 (Coronavirus) Outbreak Update

PPP Loan Forgiveness Update

As of July 31, 2020

As you may have seen or read in the news, the Small Business Administration (SBA) announced that they may be ready to accept lender submissions on August 10th. However, the SBA still has not released final rules and guidance on the Paycheck Protection Program (PPP) process and there is pending legislation regarding the Forgiveness process, so Washington Trust requests that you wait for further information from us. As your PPP lender, Washington Trust is the only one that can process your forgiveness application.

We thank you for your continued patience and want to assure you that there is nothing you need to do at this time. Below are some frequently asked questions to help you better understand the current status of the PPP forgiveness process.

If you have immediate needs or questions, please contact your loan officer, your local branch, or email us at .

When can I apply for forgiveness?

Washington Trust will begin accepting applications for forgiveness from eligible PPP borrowers as soon as the Small Business Administration (SBA) is ready to receive them from lenders. We believe this may take place sometime in August.

How will the forgiveness application process work?

  • Once the SBA is ready, we will send you an email with a secure link to our online PPP forgiveness portal. Until you receive this email and link, we recommend you do not complete the PDF application on the SBA's website, nor should you respond to any other requests to apply for forgiveness, as they could be fraudulent. As your PPP lender, Washington Trust is the only one that can process your forgiveness application.
  • Our email link will take you to a secure online portal that will walk you through the process and make it clear what documentation is required. After you have submitted your application via this portal, we will work with you to ensure it is complete.
  • Once your application is complete, we will finalize our review and transmit the application to the SBA.

Please note that SBA rules allow us 60 days, from the receipt of a completed application, to transmit it to the SBA. The SBA then has 90 days to complete its processing. While these are the formal “not to exceed” timelines, we will seek to handle applications more expeditiously, as will the SBA. However, this is a wholly unique process so it is best to assume it will take some time to navigate through it.

Is there anything I can do now?

While you can’t apply for forgiveness at this time, you may want to prepare the documentation needed for your forgiveness application. Below are some of the items you will be asked for during the application process.

  • Choose between the 8 or 24-week “covered period”
    The SBA recently expanded the “covered period”, or the period during which PPP borrowers can spend the funds on eligible expenses and still qualify for loan forgiveness, from 8 weeks to 24 weeks. The 24-week period applies to all loans made on or after June 5. If you received your PPP loan before June 5, you can choose between the original 8-week covered period or the new 24-week covered period. You may apply for loan forgiveness any time on or before the end of the covered period. You may wish to consult with your accountant to determine the best time frame for your business.
  • Determine if your business is eligible for the EZ application
    The SBA introduced a new EZ PPP loan forgiveness application which requires fewer calculations and less documentation, making it easier for certain borrowers. Our online application will offer both the long form and the EZ application. You can review the requirements for the EZ application here
  • Prepare your documentation for loan forgiveness
    The SBA recently lowered the proportion of PPP funding that must be used on payroll cost to qualify for full forgiveness from 75% to 60%. This means to qualify for full loan forgiveness, you must use at least 60% of your loan funds for eligible payroll costs. You can use up to 40% of your loan funds for eligible non–payroll costs. To prepare for loan forgiveness, it’s important to track and retain all documentation to support payments made with your PPP loan funds. Click here for a list of required documents

We value our relationship with you and want to ensure that the PPP forgiveness process is as easy and convenient as possible. Our Washington Trust team is always available to answer your questions; please contact your loan officer, local branch, or call our Customer Solutions Center at 800-475-2265, if we can be of assistance.

Customer Solutions Center

(800) 475-2265

Telephone Banking available 24/7 at

(800) 226-5877

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