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Paycheck Protection Program (PPP) Loan Forgiveness Summary

UPDATED July 30, 2021

For PPP Loans Received in 2020

If you have not yet applied for forgiveness of your PPP loan received in 2020, please contact your local branch for instructions on how to apply. If you do not apply for forgiveness within 10 months of the last day of your PPP loan covered period (24 weeks from the date of the loan disbursement) you will be required to start making principal and interest payments on your PPP loan.

For PPP Loans Received in 2021

On August 4, ESL customers who received a 2021 PPP loan, in an amount of $150,000 or less, can apply for forgiveness through an SBA online application portal. ESL and the SBA will each notify these customers via email when the SBA portal is available to begin accepting applications.

Link to SBA online application portal:

Additional Resources

ESL customers who received a 2021 PPP loan, in an amount over $150,000, should contact their Business Banking Relationship Manager or their Relationship Banker at their local branch for instructions and information regarding applying for forgiveness.

Important Information Regarding Applying for Forgiveness:

  • If your PPP loan forgiveness application is not submitted within 10 months after the last day of your chosen PPP loan covered period (any period between 8 and 24 weeks after the disbursement date of the PPP loan), your PPP loan payments will no longer be deferred and you will be required to start making monthly principal and interest payments to ESL.
  • You can apply for forgiveness any time up to the maturity date of the loan.
  • Consider retaining all PPP related records for six years after your forgiveness application is processed.

For the most current information on PPP loan forgiveness, please refer to:

We appreciate your understanding and patience as we all work together through these uncertain times.