PPP Loan Forgiveness

As of December 28, 2021

On August 18, 2021, Washington Trust sent an email with a secure link to our online PPP forgiveness portal to PPP loan borrowers. Please check both your email Inbox and “Junk” folder for this important email. The subject line is “ACTION REQUIRED: Your SBA PPP Forgiveness Application is Now Available.”

To ensure our customers receive the most efficient and consistent service, Washington Trust will continue to use our own secure online PPP Forgiveness portal and will not leverage the SBA Portal. If you receive a communication from the SBA, please disregard it.

If you have any questions, please contact us at pppforgiveness@washtrust.com.

Frequently Asked Questions About Loan Forgiveness

When can I apply for forgiveness?

You have 10 months from the last day of your covered period to apply.

How will the forgiveness application process work?

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.

What documents do I need to prepare for the forgiveness application?

Below are links to the required documents needed to apply for forgiveness. Documents that are required to be submitted with your application must be uploaded to the forgiveness application portal before you can submit your application. There are documents that are required for applying, AND a list of documents that should be retained after your application has been submitted.

The SBA set the proportion of PPP funding that must be used on payroll cost to qualify for full forgiveness at 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.

When do I have to make a PPP loan payment?

Once you apply for Forgiveness and your application is accepted by the SBA, we will inform you when the SBA renders a decision. If all, or a portion of the loan is not forgiven, we will inform you of when your first PPP loan payment is due.

If you don’t apply for loan forgiveness within 10 months after the last day of the covered period, then your PPP loan would no longer be considered “deferred” and you would be required to begin paying principal and interest on the PPP loan. We value our relationship with you and want to ensure that the PPP forgiveness process is as easy and convenient as possible.

If you have any questions, please contact us at pppforgiveness@washtrust.com.