Paycheck Protection Program
Last Updated: September 25, 2020
PPP Loan Forgiveness Process
We are committed to helping you to prepare for the forgiveness portion of the Paycheck Protection Program (“PPP”) and have provided the information and resources below to assist you. This page will be updated on a regular basis as more information about the forgiveness process becomes available.
In the coming weeks, BankRI will begin sending emails to PPP Loan borrowers with information on how to apply for forgiveness. These emails will be sent in waves, based on the timing of borrowers' eligibility to apply for forgiveness. You do not need to do anything until you receive your email.
When you do receive our email, it will contain the information you need to log in to our online forgiveness application portal. The portal is hosted by Abrigo, a company we have engaged to help streamline the forgiveness application process.
Borrowers with Loans of $150,000 or Less
Deliberations are ongoing in Congress that may potentially simplify the forgiveness process for PPP borrowers with loans of $150,000 or less. We believe it may benefit these borrowers to wait until Congress has completed deliberations before taking any actions on their PPP loan forgiveness. Again, we encourage you to wait until you receive our email before taking any additional steps.
PPP Loan Forgiveness Resource Center
Please visit our PPP Loan Forgiveness Resource Center in preparation for your loan forgiveness application. It has many useful links, FAQ’s, and videos that will help you better understand the forgiveness process.
If you have any questions, please contact your BankRI representative or relationship manager. If you are unsure who to contact about your PPP loan, please call our Customer Service Center at 866-422-6574 and they will direct you to the correct representative.