Paycheck Protection Program
Peapack-Gladstone Bank helped over 2,000 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
The end of the payment deferral period for 2020 PPP loans is quickly approaching. To avoid making payments, borrowers must submit a forgiveness application on or before the deferral period end date. While many borrowers have completed forgiveness, some have not yet started this process. Some borrowers have first payments due in mid-July.
The following links are very helpful for borrowers to assist in the forgiveness application process:
PPP Forgiveness Process
Registration / Log In
All borrowers should begin their forgiveness applications as soon as possible.
The forgiveness process is self-service and all necessary assistance resides within The Loan Source portal.
Unfortunately, there are no telephone numbers available to contact The Loan Source directly. Borrowers are encouraged to use the Customer Service Support Center to search for answers to frequently asked questions. Or, borrows can complete and submit a Customer Service Form to create a support ticket to ask questions or request a response from The Loan Source. Expected response times are within 24 hours.
Borrowers are also encouraged to use the chatbot located on the lower right hand corner of the portal, the login, registration and support center areas, to chat with a live person.
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.
- "How can I get my payoff statement?" To access your specific PPP loan details with the SBA, including payoff statements, please visit the SBA Capital Access Financial System. Click here for CAFS Account Enrollment and Access information.
- “When can I apply for forgiveness for PPP 2.0?” All PPP 2.0 loans from 2021 will not begin the forgiveness process with The Loan Source before 3rd or 4th quarter of 2021.