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Sugar River Bank

Paycheck Protection Program Loans (PPP)

February 24, 2021

Businesses with Fewer than 20 Employees


Starting Wednesday, Feb. 24, 2021 SBA will provide an exclusive 14 day window for businesses and non-profits with fewer than 20 employees to apply for PPP loans. See First Draw PP Loan Overview and Link App below.

PPP Bulletin: The White House and Small Business Administration have announced several measures to ensure the smallest firms and businesses have access to Paycheck Protection Program loans, including an exclusive application window for firms with fewer than 20 employees. 


More info about PPP Loans from the Small Business Administration

January 14, 2021

SBA is Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19.


Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday, January 15 – Continuing Dedicated Access for Community-Based Lenders. 



Overview of Second Draw PPP

PPP Second Draw Application


Overview of First Draw PPP

PPP First Draw Application

Given the current requirement for social distancing, to best ensure the health and safety of all, it is strongly recommended that contact us by email at: or


Archived Information from 2020:

Important Information: SBA Releases Public Data About PPP Borrowers


PPP Forgiveness Fact Sheet - download here


PPP Loan Forgiveness Applications - see links below

*Update October 13, 2020 and New Documents

SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less

The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.  Please see the attached news release for further information as well as links to the application & IFR.

The Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) extended the deferral period for borrower payments of principal, interest, and fees on all PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period). Previously, the deferral period could end after 6 months.

The extension of the deferral period under the Flexibility Act automatically applies to all PPP loans.

SBA News Release

Instructions for Completing the Simpler Loan Forgiveness Application 3508S

Simpler Loan Forgiveness Application 3508S

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.

Download Instructions for Form 3508EZ    Form 3508EZ

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

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


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!

June 22, 2020

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

Joe Conway, VP, Senior Commercial Loan Officer at 603-227-6010, in a new Window)
Shawn Bard, AVP, Commercial Loan Officer at 603-843-6268,

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

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

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.

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

Joe Conway, VP, Senior Commercial Loan Officer at 603-227-6010, in a new Window)
Shawn Bard, AVP, Commercial Loan Officer at 603-843-6268,