Paycheck Protection Program
Peapack-Gladstone Bank helped over 2,500 local businesses through the Paycheck Protection Program and saved thousands of New Jersey jobs. That's community banking. We've been doing it for 100 years.
At Peapack-Gladstone Bank, we are rooted in supporting our communities, especially during challenging times. If you are looking for a Bank that will be there for you when you need it most, look no further than Peapack-Gladstone Bank.
PPP FORGIVENESS PROCESS
Borrowers are encouraged to begin their forgiveness applications as soon as possible.
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will be required to begin making loan payments.
The following links are very helpful for borrowers to assist in the forgiveness application process:
PPP Forgiveness Process
Registration / Log In
The forgiveness process is self-service and all necessary assistance resides within The Loan Source portal.
Borrowers should consider consulting with an accountant for any specific forgiveness related questions.
Here are a few Q&As that might assist:
- ”I want to pay off my loan.” If a borrower would like to forgo forgiveness or has applied and received partial forgiveness on their PPP loan, they will need to click here to begin the process of making principal and interest payments.
- “How will I know if my loan has been paid off?” Borrowers will be notified via email that their forgiveness application has been approved by the SBA. Additionally, borrower's PPP loan status on their dashboard will update to “SBA Approved”. Borrowers can check the status of their PPP loan by following the steps outlined in the Forgiveness Status Guide. If the forgiveness application was for full forgiveness (greater than or equal to the PPP loan amount), no interest or principal payments will ever be required as the SBA has paid-off the balance in full. If the forgiveness application was for partial forgiveness (less than the PPP loan amount), borrowers will need to start making principal and interest payments on the residual balance of their PPP loan. Borrowers can check the outstanding balance of their PPP loan at any time by logging into their borrower dashboard.