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Sugar River Bank


PPP Loan Forgiveness Applications

Update August 10, 2020

The PPP loan application deadline was Saturday, August 8, 2020, and the SBA has stopped processing new PPP Loan Applications.  Sugar River Bank is currently no longer taking applications.

It is time to start submitting PPP Loan Forgiveness Applications.

If you would like to attend online training, please sign up in one of the links in the section below.

If Congress extends PPP loans as part of the next stimulus package, we will post updates here


The U.S. Small Business Administration’s West Virginia District Office welcomes PPP clients to join us as our West Virginia District Office teams walk them through the process of filling out the Paycheck Protection Program EZ Application.

All are welcome to join us as we review who can use the EZ form and they will go step by step in how to fill the form out. Easy as 1-2-3!

Registration required, click date below to register!

The SBA has streamlined PPP Forgiveness Application for many PPP borrowers.

To our PPP clients:

On June 11, 2020, the U.S. Small Business Administration ("SBA") issued an interim final rule (the "Interim Final Rule") implementing the changes made to the SBA’s Paycheck Protection Program (the "PPP") by the Paycheck Protection Program Flexibility Act of 2020 (the "PPP Flexibility Act"). The PPP Flexibility Act changed many aspects of the PPP , two of which include:

  • Giving the borrower the option of using the original 8-week covered period (if their loan was made before June 5, 2020), or extending the covered period for loan forgiveness to 24 weeks, which provides greater flexibility for borrowers to qualify for loan forgiveness.  
  • Lowering the requirements from 75% to 60% of a borrower’s loan proceeds that must be used for payroll costs during the 24-week loan forgiveness period. If a borrower uses less than 60% of the loan amount for payroll cost during the forgiveness period, the borrower may be eligible for partial loan forgiveness.

The Small Business Administration released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. Form 3508EZ applies to borrowers who meet any one of these three criteria:

    • Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees. 
    • Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).
    • Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a  result of health directives related to COVID-19

The streamlined forgiveness form is expected to smooth the forgiveness application process for a substantial portion of PPP borrowers. SBA also updated the regular Form 3508 to reflect recent changes made by Congress in the PPP Flexibility Act and issued a new interim final rule that implements changes made by the PPPFA.

*Please note that we are still awaiting guidance from the SBA regarding the submission process for the forgiveness application. We ask that you not submit your forgiveness application to us until we receive that guidance. We will update our website when we are ready to accept the forgiveness applications.


Download Instructions for Form 3508EZ    Form 3508EZ
Download Instructions for Form 3508        Form 3058
Read the Interim Final Rule

Shawn Bard, VP, Senior Commercial Loan Officer at 603-843-6268,

If you have not applied for a PPP Loan and wish to do so, please see the links below.

*The PPP loan application deadline is August 8, 2020.

June 5, 2020, New Legislation Looks to Address PPP Restrictions

On June 5, President Donald Trump signed legislation to address restrictions on the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).
While further guidance and clarification from the SBA and Treasury is likely, here is a summary of the provisions that appear in the Paycheck Protection Program Flexibility Act. Specifically, the law:

    • Extends the covered period during which the loan may be used for forgivable expenses from eight weeks following disbursement of the loan to 24 weeks from loan disbursement or Dec. 31, 2020, whichever is earlier. Borrowers who received loans before June 5 may elect to continue using the eight-week covered period.
    • Lowers the amount that must be spent on payroll costs from 75 percent to 60 percent. SBA and Treasury issued a statement that the new 60 percent threshold is not a cliff, meaning that if a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs.
    • Extends the period in which employers may rehire or eliminate a reduction in employment, salary, or wages that would otherwise reduce the forgivable amount of a PPP loan to Dec. 31, 2020. However, the forgivable amount will be determined without regard to a reduction in the number of employees (compared to Feb. 15, 2020) if the recipient is (1) unable to rehire former employees and is unable to hire similarly qualified employees by Dec. 31, or (2) unable by Dec. 31 to return to the same level of business activity that existed before Feb. 15, 2020, due to compliance with federal requirements or guidance related to COVID-19.
    • Replaces the six-month deferral of payments due under PPP loans with deferral until the date SBA pays the lender the amount of loan forgiveness. If a borrower fails to apply for loan forgiveness within 10 months after the last day of the covered period for forgiveness, the borrower must begin to make payments of principal, interest, and fees on its PPP loan.
    • Establishes a minimum maturity of five years for new PPP loans as opposed to the current two-year maturity date. The five-year maturity takes effect on the date of enactment and will apply to any PPP loan made on or after June 5. Lenders and borrowers, however, may mutually agree to modify the maturity terms of prior-disbursed PPP loans.
    • Eliminates a provision that makes PPP loan recipients who have PPP debt forgiven ineligible to defer payroll tax payments.

    The final date to obtain a PPP loan remains June 30, 2020.

    This law will likely be subject to additional guidance by SBA and Treasury. Small-business borrowers should have a firm understanding of the provisions above and any related guidance to ensure they meet the criteria for loan forgiveness.

     Source: Independent Community Bankers of America. The Nation's Voice for Community Banks ®

NH Governor’s Office For Emergency Relief and Recovery (GOFERR)

Main Street Relief Fund
Pre-qualification Due Date was May 29, 2020


Grant Application Filing Period:  June 5, 2020 – June 12, 2020


The Governor of New Hampshire has authorized the allocation and expenditure of an initial $400 million in emergency funding from the CARES Act Coronavirus Relief Fund (“flex funds”) to provide emergency financial relief to New Hampshire small for-profit businesses due to the economic disruption caused by COVID-19. However, in order to provide the most effective relief as quickly as possible, New Hampshire small businesses desiring to obtain relief will first be required to provide information concerning their possible COVID-19-related lost revenues and receipt of Paycheck Protection Program (PPP) loans or any other federal relief. For more information go to State of New Hampshire site. 

The application process is done directly through the State of New Hampshire:

Go to Grant Application Filing Page

U.S. Small Business Administration (SBA) COVID-19 Emergency Loans

As your hometown community bank, we will be here for you today and tomorrow to assist and support you and your business as you navigate through this very unique and challenging period. Small Business Administration COVID-19 Disaster Relief Main Page

If your business or organization is experiencing financial hardship as a result of the COVID-19 crisis, we are here for you!

Paycheck Protection Program (PPP)

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $349 billion to help small businesses and non-profit organizations keep workers employed amid the pandemic and economic crisis. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. 

Businesses and non-profit organizations are required to apply for these loans with a participating lender. Sugar River Bank is participating in this program.
For information about eligibility, requirements, and how the process works: Paycheck Protection Program FAQ
Application deadline is June 30, 2020.
Apply for Paycheck Protection Program

Download the form, save it, and after you complete your application, please submit it by email to:

Shawn Bard, VP, Senior Commercial Loan Officer at 603-843-6268,

Economic Injury Disaster Loans and Loan Advance (EIDL)
Federal Disaster Loans for Businesses, Private Non-profits, Homeowners and Renters

Small business owners in all U.S. states, Washington D.C., Tribal Lands and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

The application process is done directly through the SBA:

Go to COVID-19 Economic Injury Disaster Loan Application

We understand that this is a frustrating and difficult time for many of you and we want to make this process as efficient and as smooth as possible. We will continue to update this page with additional information as soon as it becomes available.