SBA Paycheck Protection Program

Paycheck Protection Program Loans Forgiveness Update

On December 21, 2020, Congress passed another coronavirus relief bill that President Trump signed into law on December 27. This bill contains some specific changes to PPP loan forgiveness including what is expected to be a simplified, one-page application for forgiveness form for PPP loans $150,000 and under.  Each PPP borrower is required to complete an application for forgiveness and submit it to their lender.  As a reminder, you have until 10 months after the END of your covered period to apply for forgiveness, so there's still ample time to apply.

SBA is still in the process of creating this streamlined application form, and we anticipate that it will be released soon after the new year.  Once we have the form and our software company updates our ‘Client Portal’ you will be receiving an email from Port Washington State Bank with your unique log in information to complete the application in the Client Portal and upload to us to submit to SBA on your behalf.

If your PPP loan exceeds $150,000, we don’t think the application forms or process will change with the passage of this latest bill, but you too will be receiving an email with log in instructions to the Client Portal where the current forgiveness application forms can be completed as well.

Stay Up to Date on Paycheck Protection Loans

This bill contains other significant changes to PPP that benefit borrowers so we would encourage you to stay up to date on those enhancements via the SBA website ( or other resources.

Have questions about a new or existing PPP Loan?

PWSB continues to accept Payment Protection Plan loan applications from existing customers as new funds become available. We ask that you first review guidelines on the program at or  If you have a question or want to talk to a lender, you'll find contact information for our lending team page.

April 22: PWSB approves $38 Million in Loans.

Area small businesses find relief in Paycheck Protection Program loans to cover wages and other expenses during the COVID-19 pandemic. 

Read the full story in the Ozaukee Press

April 21, 5:00 p.m. Customer Update

Today the government announced the addition of $310 billion in funds to the SBA Paycheck Protection Program. We want to sincerely thank our customers who reached out to local government representatives or shared our own plea to help advocate for this increase.

While many of you may be eager to apply for funds after hearing this news, please note that due to a number of pending applications currently in our queue, we are still unable to accept new applications at this time. We must first attend to the applications that were in the process of being submitted just before the original PPP funds were exhausted. To stay true to our promise of excellent customer service, we must carefully weigh our ability to process new applications while also meeting expectations and avoiding delays.

Should our ability to process new applications change, we will update this web page accordingly, so please do check this page each day. If you have questions or concerns, please contact your PWSB lender or banker directly at 262-284-4416. Thank you again for your patience during this unprecedented time.

April 16, 12:30 p.m. Customer Update

Today the SBA officially stopped accepting applications for Paycheck Protection Program loans, reaching the loan volume cap of $349 Billion. If you have not yet heard from your lender regarding the status of your pending application, please expect a call within the next few days.

Please help by reaching out to your local representatives to ask for their support in adding funds to the program. Below is a suggested post you can use along with a list of the social media handles for the representatives.

Before the current PPP funding ran out of funds, my lender, Port Washington State Bank approved 319 applications for $38 million dollars in relief funds to small business partners in the Ozaukee County area. Many more businesses still need help and their applications are now on hold. We are calling on Congress to immediately authorize new PPP funding to meet the needs of small businesses. #PPPLoans #COVID19

Sen. Tammy Baldwin: @SenatorBaldwin  

Sen. Ron Johnson: @SenRonJohnson 

House of Representatives 
Gwen Moore (D-Milwaukee): @RepGwenMoore 

Jim Sensenbrenner (R-Menomonee Falls): @JimPressOffice 

Glenn Grothman (R-Campbellsport): @RepGrothman 

Mike Gallagher (R-Green Bay): @RepGallagher

While the loan program has ended for now, we realize that businesses are still in need of help, and we’d like to do what we can. Please speak to your lender or banker about additional solutions. Please be patient as call volumes are at record highs. Thank you again for allowing us to be your trusted financial partner.

April 15, 2:30 p.m. Customer Update

Port Washington State Bank has been a proud participant in the SBA Paycheck Protection Program. However, due to the high volume of applications currently in our queue and our 121-year commitment to customer service excellence and meeting expectations, we will no longer be accepting applications as of 5:00 pm on April 15th, 2020. If you have questions or concerns, please contact your PWSB lender or banker directly at 262-284-4416. 

April 10, 5:00 PM Customer Update

Dear Valued Customers:

PWSB continues to accept Payment Protection Plan loan applications from existing PWSB business customers. Please read the April 3 update below for information on the application process, and review guidelines on the program at or Thank you for your interest in the program! 

Right now, we are continuing to process existing applications in the order in which they have been received. In addition we are conducting our lender due diligence during this time. We have a dedicated team working on this very high-level application, and your patience is appreciated!

Below are some frequently asked questions to help guide what may be next for you in this process:

I’ve applied but I haven’t heard from the bank? 

Because of the high volume of applications, communicating directly on every application received is a challenge. We apologize! You will be contacted by the bank once we have indication from the SBA on your specific application’s status. If it’s been some time (7 days or more), please call us at 262-284-4416 and ask to speak directly to someone about your file status. Otherwise, know that we are diligently working hard to get through all of them efficiently. 

I’ve received my SBA application status from PWSB, what is the next step? 

Every borrower within the PPP program has a different timeline based on their specific application date to the SBA, which is the date PWSB uploaded the file. Your file is in the queue for closing and your closing will occur before 10 calendar days have elapsed from that application date. 

Will someone contact me to set up a closing?

Yes, because of the logistical and safety challenges of meeting in-person to close, PWSB plans to securely email documents to you directly. You will receive a call from a PWSB representative when this is about to occur.

Have some loans closed and have borrowers received their PPP funds?

Yes, many banks have begun closing their loans under the PPP program, but only recently. Remember, if you have your SBA loan status, be patient and know that you will close on your loan within that 10-day window.

I have questions about my closing documents?

There is a cover sheet within the closing package that directs you where to call with questions about the program. 

How will the money be disbursed?

That question is addressed in the closing package and there will be options for funding.

April 7, 2020, 2:15 P.M. Customer Update

We are currently processing the applications we have in the order of receipt and according to the completeness of the documents requested upon our review per the program guidelines. Program guidelines can be found at We have a dedicated team of commercial banking professionals who are devoting their time to getting through these applications as efficiently and accurately as possible during this time of need. Several of our staff members are working late into the evenings from remote laptops to keep the process moving and perhaps take advantage of slower hours on the SBA website which is under nationwide demand from PPP plan banks. 

We ask for your patience during this process. We will enjoy nothing better than contacting you as soon as your approval for guaranty is received. I might add that the disbursement procedures for these loans from the SBA is still a work in process, regardless of some media reports of businesses receiving funds. We will get funds to you as soon as humanly possible once all guidance is issued.

During this time of high workloads at all PPP plan banks, we may not be able to get to your specific questions as quickly as we would like, and remember that we are not able to answer questions submitted to the email address we set up to receive applications. 

We ask that you visit either or visit for frequently asked questions about the program and other parameters involved. Or, drop your commercial lender or branch manager a note directly and we’ll get back to you ASAP.

Please know that we do care about your business and we will absolutely do our best to work through these applications as efficiently as possible while still providing the support you need from your trusted financial partner.

April 3, 2020, 10:00 AM Customer Update

For everyone anxious to get their application in as early as possible, below is a link to the updated PPP Application form. This document is dated 4/20 (previous sample versions had 3/20 or other dates listed and will not be able to be used to process final applications from what we understand).  


(Link has been removed)

All applications and supporting docs must be sent to and more detailed instructions can be found below within the April 2, 2020 customer update.

Many questions remain on the processing of these applications but this is a step in the right direction. An initial 31 pages of SBA Guidance for banks was released yesterday evening as expected and we are in the process of going over in detail to prepare our next steps to handle your applications.

We will continue to keep you updated. Thank you.

April 2, 2020 Customer Update

As many are aware; Friday, April 3 is the start date for banks to begin accepting loan applications for the SBA Paycheck Protection Program from small businesses and sole proprietorships (independent contractors and self-employed individuals can apply starting April 10).

Please keep in mind that while the SBA and Treasury are set to open the application process, many questions remain as to the ground rules and guidelines for banks to follow to actually process these requests.  Add to that many banks are practicing social distancing with remote work forces and many have some offices closed and this historic loan program is facing never before seen challenges.  PWSB is an SBA lender and we are working diligently to stay up to speed on all the latest announcements to serve you.  

We understand that there is a cap to the funds, and the program appears to have been set up first come; first served. We will handle applications in the order in which they are received at the bank and in accordance with the process outlined below. The details of this program are still evolving and the process below may need to evolve as well but we will keep you informed along the way.

At this time, our application process and recommendation is as follows:

  • Read through and understand the sample application available (see April 3 update above for final application) and borrower fact sheet available here. The SBA and Treasury published a sample application form on March 31. Note, this is still a “sample;" however, it can assist you in preparing your application ahead of time. We expect a final version of the application will be published by the SBA on Friday, April 3 that may or may not be the exact same as this “sample”.  Please be sure to check for the final version on 4/3/2020. Use of an incorrect application form may result in delays to your application being processed.
  • Please pay special attention to the instructions on page 3 of the application. For non-seasonal companies, the time period to be used for the calculation is calendar year 2019 (also note the instructions on page 3 for seasonal businesses if applicable). Any usage of a different time period for calculating average monthly payroll may result in delays to your application being processed.
  • Start compiling all necessary support documentation. Please note: we have not received final guidance on what documentation will be required along with your application; however, anything that can be used to verify the dollar amount of average monthly payroll for 2019 is a good start (payroll reports, tax return, IRS Form 940 or 941, etc). The borrower will be responsible for compiling a complete and accurate application.
  • The best way to ensure that your application can be processed quickly and accurately will be to provide a reconciliation spreadsheet that will give the bank a way to quickly verify the amount applied for (if that indeed is going to be required of the lender) and, just as importantly, confirm we have the proper verification items and can quickly cross reference said amount.  This spreadsheet should include the line item amount included in your calculation of total payroll and what document has been provided for the verification of that amount.
  • Submit the completed application and supporting documentation to PWSB at This email box will go live at midnight on April 3. Please note: we may need to reach out with any questions or for additional items once we get final details on the program from the SBA. It is important that your application be sent to rather than directly to a lender or other employee of the bank to make sure it can be processed effectively and avoid delays. Until SBA guidance is issued, we likely won’t have answers to your specific questions on this program so please do not sent questions to this email.
  • Many credible sources are reporting that the SBA will publish their guidance for banks at some point this evening. Stay tuned for more updates. We value all of our customers but realize, given the nature of how this was set this up, it’s likely not everyone who applies will receive assistance under this program but we will do our best to process as many as we can once the guidance is delivered.

April 1, 2020 Customer Update

While we do not yet have the necessary detailed guidance from the SBA and US Treasury on how to administer the Paycheck Protection Program (PPP), information has started to become available on the Treasury website (

  • For a top-line overview of the program CLICK HERE
  • If you’re a borrower, more information can be found  below or by clicking here.

Of most significance, is the introduction of the application to be used to apply for the program.  Banks can begin accepting applications on April 3, 2020; however, at this time there has been no guidance issued for banks on how to process these applications so much more information is needed from SBA and US Treasury.

To underwrite PPP loans, lenders will need to verify that the borrower was in operation on Feb. 15, 2020, and that it had employees for whom it paid salaries and payroll taxes. The lender will also have to receive verification for the dollar amount of average monthly payroll costs for the prior year (2019).  Detailed definition of payroll costs can be found in the “if you’re a borrower” link above.

Small businesses and sole proprietorships—generally, those with 500 or fewer employees—may apply for PPP loans starting on Friday, April 3; independent contractors and self-employed workers can apply starting April 10. 

PPP loans will be fully forgiven when used for payroll costs, interest on mortgages, rent and utilities, with at least three quarters of the forgiven amount being used for payroll; forgiveness is based on employers maintaining headcount or quickly rehiring and maintaining salary levels.

We will continue to share more information as it becomes available.  PLEASE check back often.

Please feel free to contact your PWSB commercial lender with questions.