Small Business Relief
SBA Paycheck Protection Program
We have recently received information from the Small Business Administration (SBA) about the process for submitting an application for forgiveness for the recent Paycheck Protection Program (PPP) loan program. Please check back here often as we are monitoring updates from the SBA and U.S. Treasury Department and will update this page as we learn more.
Loan Forgiveness Information
If you recently applied for and received funding through the PPP loan program from North Cascades Bank, your proceeds may be forgivable. Forgiveness is based on the 8 week period following the day you received your loan proceeds. The amount of forgiveness is based on payroll, rent/mortgage, and utilities during that 8 week period. The specific calculation and details can be found in the application posted below.
Please Note: We anticipate the forgiveness process and funding will take longer than the original application process. We also anticipate that changes will continue to be made to this part of the program and we will continue to review information as it becomes available.
Please do not submit the forgiveness application until at least 8 weeks after you received your loan proceeds. You will need to provide supporting financial data covering this time span, such as payroll records, rent, lease or mortgage information, and much more. When you are ready to submit your application, send us an email at firstname.lastname@example.org and we will answer your questions and provide instructions on how to send your application to us securely.
To help you prepare, we are posting the forgiveness application (as it currently stands) here:
We will also continue to help customers navigate other SBA options, additional credit options, as well as payment deferral options.
Note: For current information, please refer to the Small Business Administration website.