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Last updated September 18, 2020 at 4:12pm.
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Forgiveness Preparation

News & Information

June 12, 2020

SBA, Treasury Issue Guidance on PPP Flexibility Act

June 5, 2020

PPP Flexibility Act signed into law. Read the updates from Washington Trust.

May 23, 2020

An update on PPP loan forgiveness and newly proposed legislation. Watch videos below.

May 18, 2020

SBA Releases Borrower Application, Instructions for PPP Loan Forgiveness

May 14, 2020

The SBA has extended the repayment “safe harbor” from Thursday, May 14, 2020 to Monday, May 18, 2020. Read the new FAQ #47.

May 13, 2020

SBA issues new “Safe Harbor” guidance. Read the updated FAQs specifically the addition of #46.

May 3, 2020

Washington Trust’s quick response to adapt its small business division

April 27, 2020

KHQ connected with Jack to discuss the second round of small business loans

April 23, 2020

Washington Trust was mentioned in the Spokane Journal of Business

April 17, 2020

PPP Update: New Rules, Requirements, Guidance and Clarification

Stay Informed: Watch Video Updates

PPP loan forgiveness example one
PPP loan forgiveness example two
PPP loan forgiveness example three
PPP Flexibility Act: Changes and Guidance
What you need to know to apply for a PPP Loan
PPP Update: New rules, requirements, guidance and clarification
CARES ACT & PPP: An update & overview for clients
PPP Flexibility Act: Changes and Guidance

The Small Business Administration (SBA) and the U.S. Treasury Department released an interim final rule to reflect changes made by the PPP Flexibility Act. Please watch this video message from our General Counsel, Burke Jackowich for more information on the revisions.

Paycheck Protection Program

Our customers and communities are experiencing unprecedented economic challenges related to the outbreak of COVID–19. In this challenging time Washington Trust Bank is here for you, your families, your business and employees. On April 3, 2020 the application was released by the SBA for the Paycheck Protection Program (PPP). As a reminder, the PPP provides loans to small businesses with less than 500 employees, who can certify that:

  • The funds are needed due to the current economic conditions; and
  • The funds will be used within 8 weeks of the loan for employee payroll, interest on mortgages, or rent.

The amount of money available under the program will be 2.5 times your average monthly payroll, up to $10 million. These are near term liquidity loans to assist your business through the next couple months. If you want to know more about the PPP, please see the FAQ from the Treasury.

Application Process

The application process for the loan is very streamlined and the application form is included here. Contact your Washington Trust banker if you wish to apply. Your banker will establish a secure email process for you to submit the application and additional documentation. If you do not have an assigned loan officer, please call our Priority Service team at 800.788.4578 who will help guide you through the application process.

Additional Documents for Application

We will also need the following documentation from you so please begin to gather the following:

  • To verify your business had employees for whom you paid salaries and taxes, please provide one of the following:

    • A Federal Unemployment form 940 (annual) or 941 (seasonal);
    • A current CPA prepared financial statement; or
    • A current CPA statement validating the borrower paid salaries and payroll tax.
  • To verify the calculation of the loan amount, provide financial information and/or statements that demonstrate how the loan amount was calculated.

We may be required to ask for additional information. Your banker will contact you with more details as they become available. Washington Trust Bank is a current SBA Lender and is registered to fund SBA loans. You are permitted to submit only one loan application.

PPP Loan Forgiveness

One of the attractive features of the PPP is that a portion and potentially all of the loan amount may be forgiven by the SBA in the future. Neither the Treasury, nor the SBA have issued rules regarding what will be required for forgiveness. We don't expect that the documentation will be much greater than the types of records you keep now, for instance detailed payroll records, mortgage payment records, leases and rent payment records. Once we have additional information regarding the process for receiving forgiveness and what will be required to request forgiveness, we will let you know. The goal of Treasury is to get money into your company's hands quickly if you need it. Because we don't know the full structure for forgiveness, please be certain that you have consulted with your legal and accounting professionals and that you are comfortable with the program.

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Additional Resources