Information about Round 3 of Paycheck Protection Program Funding
Our portal is now available for business members.
Our portal is now open for business members.
The Paycheck Protection Program loan portal is now open. We appreciate your patience while we awaited the launch.
Before entering the portal to begin this process, here’s what you should know:
- Each application submitted will go through Lendio, our trusted partner and secure portal.
- Once the application has been submitted, a Lendio representative will reach out to you to collect the necessary documentation.
- Lendio will prepare your loan documents and other information needed for the remainder of this process.
- Every document must be submitted prior to any additional work being done on your application.
- Loans must be $1,000 or more.
- This loan is only available to current Addition Financial business members.
- Once your application has gone through the Lendio verification process, it will be transferred to an Addition Financial agent for processing.
- Upon approval from the SBA, you will receive a confirmation message from us.
We want to make this process as seamless as possible for you to ensure that your business goals and needs are being met.
Rest assured when it comes to your business’s success, you can count us in.
What you need to know PPP loan forgiveness.
The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Any information provided here is subject to change.
The SBA has issued final application forms and guidance for PPP loan forgiveness. For those with a PPP loan with Addition Financial, we are ready to launch the application process.
Here’s what you need to know:
- We will contact you to explain every step of the process.
- We will prefill your application with basic information prior to sending it to you. Please ensure that all sections of the forgiveness application, including those pre-filled by Addition Financial are correct.
- Using DocuSign, you will be able to fill in the required information, scan and attach documents, and complete the entire application online without having to visit a branch.
The best way to contact us with questions is by email: PPPTeam@additionfi.com
It is important to note that possible forgiveness of a PPP loan is subject to the discretion of the Small Business Administration (SBA), which approved PPP loans. Addition Financial cannot guarantee any particular outcome in securing forgiveness for all or a portion of PPP loan proceeds.
For those of you who submitted PPP loan applications to Addition Financial, our plan is to continue to work with you through the process of applying to the SBA for forgiveness of all or a portion of your loan proceeds. Please be aware that any we cannot guarantee any particular outcome of the forgiveness process and cannot provide any assurances or representations that forgiveness will be granted by the SBA.
Forgiveness is based on the employer maintaining or quickly rehiring furloughed employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
- Forgiven indebtedness resulting from the PPP will not be viewed by the IRS as taxable income.
- Borrowers are eligible for loan forgiveness in an amount equal to the sum of payroll costs, mortgage interest payments, rent payments, and utilities during a "covered period." The definition of a covered period was amended by H.R. 7010 and is now defined as the earlier of a 24-week period beginning on the date of the loan origination or December 31, 2020. Borrowers that received a PPP loan before June 5, 2020, may elect to use an 8-week covered period.
- Treasury and SBA guidance requires 60% of forgiven amount to be used for payroll costs.