Loan Forgiveness
Paycheck Protection Program
PPP loan forgiveness
Amalgamated Bank’s Loan Forgiveness Portal is open for all PPP Loan borrowers who applied and received their PPP Loan through Amalgamated Bank. You can enter the Portal by clicking on the Amalgamated Bank Forgiveness Portal link.
We encourage you to apply as soon as possible. Please be advised that you will not be able to apply for 2nd Draw PPP loan forgiveness until you have completed the forgiveness application process for your 1st Draw PPP loan.
A few things to keep in mind:
- Your forgiveness application is not considered complete until it has been electronically signed.
- Amalgamated Bank has 60 days to process and approve your application once we have received your completed and electronically signed package; once we submit your application to the SBA, they have 90 days to render a decision.
- The streamlined application Form 3508S for loan amounts of $150,000 and under does not require supporting documentation. Borrowers should keep payroll and non-payroll documents in hand in case they are requested by the SBA as part of your forgiveness application review.
- The two forgiveness application types Form 3508EZ and Form 3508 for loans OVER $150,000 do require the supporting documentation listed in the application instructions.
- If the SBA does not forgive a PPP loan in whole or in part, for whatever reason, the borrower will be responsible for repaying the principal and interest on the loan(s) or any part thereof that is not forgiven.
- If you applied and received your PPP loan through Newtek, you will also need to apply with them for forgiveness.
Learn more about PPP loan forgiveness
We will continue to update this page as new information becomes available. You can also find the latest PPP information on the SBA website.
For questions about the PPP loan forgiveness process, please email PPP@AmalgamatedBank.com.