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1

50 W. Lancaster Ave., Ardmore, PA 19003 610-896-6435

ATM Safety Deposit Boxes Coin Machine  Bank Branch

2

5000 Pennell Road, Aston, PA 19014 610-364-7800

ATM Safety Deposit Boxes  Bank Branch

3

135 East City Ave., Bala Cynwyd, PA 19004 610-664-6293

ATM Safety Deposit Boxes  Bank Branch

4

1436 Lancaster Avenue, Berwyn, PA 19312 610-581-4774

Wealth Office

5

1436 Lancaster Avenue, Berwyn, PA 19312 610-527-1881

Insurance Office

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SBA Paycheck Protection Program Forgiveness

Up to 100% of your Paycheck Protection Program loan is eligible for forgiveness, meaning that you do not have to repay it, if you meet the conditions required by the Small Business Administration (SBA). The amount of forgiveness is based on the amount of loan proceeds that you use to cover payroll costs, utilities, rent and mortgage interest obligations over the 8-week period after the loan is disbursed (funded).

On May 15, 2020, the U.S. Treasury released an application for SBA PPP loan forgiveness. This information is the most recent guidance provided by the SBA and is subject to change. The details of the forgiveness program are still being finalized.

The information on this site is as of May 15, 2020 and is based on what we know today.

How BMT will Communicate

We will share new information as it becomes available with businesses who have a SBA PPP loan funded through BMT.

  • Email will be our primary form of communication
  • U.S. Postal Service

What Borrowers Can Do Now to Prepare

You will receive additional instructions from us in the coming weeks with information about submitting your request for loan forgiveness and required supporting documentation.

We request that inquiries on SBA PPP loan forgiveness are not directed to BMT branch staff or our Customer Care Center. The SBA PPP forgiveness process is highly specialized, and they do not have information to support forgiveness inquires.

WHAT IF MY LOAN IS NOT COMPLETELY FORGIVEN?

If your loan is not completely forgiven, the remaining balance, including interest, will amortize over 18 months. This will operate just like a traditional loan with monthly payments to the servicer or owner of the SBA PPP Loan.

What is the interest rate on a PPP Loan?

The interest rate will be 100 basis points or one percent.

You have made certifications in association with the SBA PPP loan and how the proceeds are to be used for authorized purposes. The use of PPP loan proceeds for unauthorized purposes, or the making of false or fraudulent statements in connection with an SBA PPP loan, may subject you to federal criminal liability, including significant fines and penalties or imprisonment.

Information contained herein is subject to change based on any future rules or guidance issued by the SBA or other relevant regulatory authorities.

© 2020 Bryn Mawr Bank Corporation

Bryn Mawr Trust (BMT) Member FDIC