Updated: August 4, 10:00 AM
The Paycheck Protection Program (PPP) closed in May, 2021. NSB is no longer accepting PPP loan applications.
PPP borrowers should apply for loan forgiveness once they have used all of the loan proceeds for which they are requesting forgiveness. NSB strongly encourages its PPP borrowers who received their loans between April and August of 2020 to apply for forgiveness as soon as possible. Per program guidelines, these borrowers will be required to begin making payments to NSB in the second half of 2021 for any unforgiven loan balance.
Please refer to the following FAQs for PPP details.
Frequently Asked Questions
NSB provides answers to some basic PPP questions below. The U.S. Treasury publishes detailed PPP rules and updates HERE.
HOW DO I APPLY FOR LOAN FORGIVENESS?
Borrowers may submit a loan forgiveness application any time on or before the maturity date of the loan provided they have used all of the loan proceeds for which they are requesting forgiveness. A borrower’s covered period (the time during which they may utilize PPP funds) begins when the lender disburses funds and ends 8 to 24 weeks later. Borrowers who do not apply for forgiveness within 10 months of the end of their covered period will then begin to make payments on their loan balance.
To apply for forgiveness, NSB borrowers may contact their commercial lender directly or email pppforgiveness@nsbvt.com to request a secure submission method. Borrowers should NOT attach a forgiveness application or supporting documentation in their initial email request. NSB strongly discourages non-secure email submissions.
NSB borrowers may also drop off forgiveness applications at any NSB branch location or mail to:
Northfield Savings Bank
ATTN: PPP Forgiveness
PO Box 7180
Barre, VT 05641
Borrowers of $150,000 or less should apply using the streamlined forgiveness application form, requiring minimal calculation and documentation. Borrowers of over $150,000 may be able to apply using a simplified “EZ” forgiveness application form. To determine if you can use the EZ form, refer to this brief questionnaire.
FORGIVENESS APPLICATION FORMS AND INSTRUCTIONS:
Important Updates for NSB's PPP Borrowers
- January 20, 2021 | SBA Releases New Forgiveness Application Forms
- January 11, 2021 | NSB Now Accepting PPP Loan Applications
- December 22, 2020 | PPP Expected to Reopen with Rule Changes
- December 4, 2020 | Beware of PPP Fraud
- December 3, 2020 | SBA Data Release and Unsolicited Communications
- November 13, 2020 | Unsolicited Communications for PPP Forgiveness-related Services
- October 28, 2020 | SBA EIDL Fraud Alert for PPP Borrowers
- October 9, 2020 | PPP Streamlined Forgiveness
- October 8, 2020 | PPP Forgiveness Follow-Up
- October 7, 2020 | PPP Forgiveness Update
- August 10, 2020 | PPP Forgiveness Update
- July 2, 2020 | New Changes in PPP Forgiveness Rules
- June 19, 2020 | New PPP Forgiveness Applications Released
- June 8, 2020 | New PPP Flexibility Rules Impacting Your Loan