The Wise Choice.


October 2nd, 2020

PPP Loan Forgiveness Update

During the past two months, SaviBank has been accepting Small Business Administration (SBA) Paycheck Protection Program (PPP) Loan Forgiveness Applications, and has submitted several to the SBA for approval.  To date, we have not had any responses from the SBA, and the status of these loans remains pending at the SBA.

SaviBank will continue accepting the Loan Forgiveness Applications and supporting documentation; however, for those borrowers with PPP loans less than $150,000, we ask that you consider delaying submission of forgiveness applications until we receive additional news from Congress on pending legislation that contains a more streamlined approach to the PPP forgiveness process.  Industry experts fully anticipate that Congress will pass a bill containing language that would reduce the requirements in applying for forgiveness; however, many believe this will not occur until after the Presidential election in November. 

As a reminder, you have ten (10) months from the end of your coverage period (8 weeks or 24 weeks) to apply for PPP loan forgiveness before payments on the balance of your loan will be required.  During this period of time, interest accruing on your loan will be eligible for forgiveness, so there is no urgency to complete your application at this time.   

Please contact your SaviBank loan officer if you have any questions regarding your PPP Loan Forgiveness Application.

This information does not, and is not intended to, constitute legal advice; instead, all information, content and materials are for general informational purposes only. You should contact your attorney to obtain advice with respect to any particular legal matter. The content is current as of October 2, 2020 and subject to change.

For further guidance visit the SBA PPP Loan Q&A page.

About SaviBank

SaviBank (formerly known as Business Bank) is a commercial bank chartered in the State of Washington with a community bank focus. The Bank began operations April 11, 2005. SaviBank proudly serves Skagit, Whatcom, Island and San Juan Counties with branches in Anacortes, Burlington, Bellingham, Concrete, Freeland, Friday Harbor, Mount Vernon, Oak Harbor, and Sedro-Woolley, and loan production offices in Olympia and Orcas Island. The Bank provides loan and deposit services to customers who are predominantly small and middlemarket businesses and individuals in and around Skagit, Island, San Juan and Whatcom counties. As a locally-owned community bank, we believe that when everyone becomes Savi about their finances, our entire community benefits. Call us or stop by one of our branches and we’ll show you how to bank Savi. For additional information about SaviBank visit

Mike Cann, Chairman of the Board
Andy Hunter, President & CEO
(888) 707-2060