Thank you for allowing Metairie Bank to assist you with your Paycheck Protection Program Loan. On Friday June 5, the Paycheck Protection Program Flexibility Act of 2020 was signed into law which included the following changes:
- Extended the time frame for determining forgiveness from 8 to 24 weeks
- Reduced the portion of loan proceeds required to be spent on payroll from 75% to 60%, and
- For loans funded after June 5th, extended the term from 2 to 5 years
Metairie Bank will be accepting the forgiveness documents in the near future. In the interim, borrowers can obtain the forgiveness application below and compile their supporting documentation. To learn more, visit www.metairiebank.com/paycheck-protection-program-shifts-to-forgiveness-portion/.