For Chesapeake Bank PPP loan applicants only
If you are currently at or near the end of your PPP Covered Period (8 weeks for most borrowers), Chesapeake Bank is here to assist you with applying for your loan forgiveness grant.
We realize that each of our applicants has a unique situation. Please, take the time to read the below information, and contact your loan officer with questions.
The process has been simplified for some eligible borrowers.
Borrowers who applied before June 5 and were not able to spend all of their PPP funds within the 8-week Covered Period will have the option to extend their covered period to 24-weeks as long as they agree to maintain payroll and headcount totals during the entire extended period. If you choose that option, you will be provided with forgiveness application instructions at the end of your extended 24-week Covered Period.
Please note that there is a safe harbor for some borrowers who were unable to maintain headcount or payroll due to specific circumstances outside of their control. If you fall into one of those categories, your loan officer will work with you to help you understand what additional certifications you need to make to the SBA to avoid reductions to your forgiveness amount.
Finally, if you received up to $10,000 from an EIDL advance grant, please note that the current PPP Forgiveness process requires that your eligible forgiveness total be reduced by that amount. There is a legislative effort to have SBA remove this reduction, but all current applications must take it into account. Please note that you have up to 10 months after the end of your Covered Period to make an application with no payments due during that time. Please simply notify your loan officer if you would like to wait until later to begin the application process.
Please, contact your Loan Officer with questions.