Paycheck Protection Program (PPP)
If you received a PPP loan through Timberland Bank, your first PPP payment will not be due until the SBA approves a forgiveness amount and Timberland receives the funds.
To receive forgiveness, PPP borrowers must spend at least 60% of the proceeds of the loan on payroll expenses and a maximum of 40% on other qualifying expenses. Payroll expenses may include wages, commissions, bonuses, health insurance, retirement, state and local taxes. The following expenses are also eligible for forgiveness:
- Payment for any software, cloud computing, and other human resources and accounting needs.
- Costs related to property damage due to public disturbances that occurred during 2020 which are not covered by insurance.
- Expenditures to a supplier in accordance with a contract, purchase order, or order for goods in effect prior to taking out the loan that are essential to the borrower’s business.
- Personal protective equipment and other expenses that help the borrower comply with federal, State or local health and safety guidelines related to COVID-19.
Our PPP forgiveness team is here to help borrowers navigate the forgiveness process. If have already received a PPP loan through Timberland and you have questions regarding the forgiveness process, please email our forgiveness team at sbaPPPforgiveness@timberlandbank.com