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SBA Resources and Information


The Small Business Administration (SBA) recently issued instructions to lenders on the Paycheck Protection Program (PPP) forgiveness process.  Lenders may begin submitting forgiveness applications to the SBA on August 10, 2020.  To streamline and automate this process, we have partnered with StreetShares to provide all of our PPP borrowers an online PPP forgiveness application accessed via a secure portal.  The portal uses email addresses as a unique identification for each PPP loan.

Next week, regardless of when you received your PPP loan or when you are eligible to apply for forgiveness, all SSB PPP borrowers will receive an invitation email from that will invite you to begin creating a forgiveness application within our portal.  The portal includes automated tools and instructions with links to PPP Forgiveness FAQs.  It also allows you to upload supporting documentation and save your work while you complete the application over time.  Once you complete the application, you will be guided to submit it to the bank for review.  We will then review the application and submit it to the SBA electronically for final review and payment.  We may reach out to you if we have any questions regarding your application.

Per the SBA guidelines, lenders must complete its review within 60 days of receipt of a completed PPP Forgiveness application and the SBA must remit the appropriate forgiveness amount to the lender, plus any accrued interest through the date of payment, to the lender within 90 days of receipt of the application from the lender.  If the loan is not forgiven in full, any remaining balance must be repaid by the borrower to the bank per the terms of the loan. 

If you have any questions or concerns, please contact your relationship officer and for additional PPP loan forgiveness information and guidance, visit the SBA website at

The President recently signed the Paycheck Protection Program (PPP) Flexibility Act of 2020 (Flexibility Act) to create more forgiveness opportunities for your PPP loan. Subsequently, the US Small Business Administration (SBA) and US Dept of Treasury issued new interim rules to change provisions of the PPP to confirm to the Flexibility Act. Program changes include the following:

  • Extending the covered period from 8 weeks to 24 weeks
  • Increasing the limit on eligible non-payroll costs from 25% to 40%
  • Revised loan forgiveness application including the addition of a new EZ version
  • 5-year term for loans approved beginning June 5, 2020
  • Longer payment deferral period

The full rules and forgiveness instructions should be accessed via the SBA website at

In addition to these PPP changes at the governmental level, South Shore Bank is pleased to announce that we have partnered with StreetShares to provide you with a digital platform that includes an online forgiveness application with access to a forgiveness calculator. These digital tools will streamline the process and provide a secure portal for submitting your application and supporting documents to the bank, as well as the ability to e-sign the forgiveness application. We will provide more information and details regarding access to our digital platform soon. In the meantime, the following link will allow you to access the calculator tool and PPP FAQs to help with your preparations We expect that the full portal, including the online forgiveness application, will be available once the SBA provides additional guidance about the program and forgiveness process, possibly as soon as next week. Please visit for updates.

Thank you for trusting us to be your PPP lending bank. We hope you find this information and these tools helpful. Please continue to follow the SBA for updates and consult with your trusted advisors to ensure your full understanding of the latest PPP rules and instructions.