Update: Affinity's Current Status on SBA Paycheck Protection Program (PPP) Loans

Affinity is committed to helping small businesses navigate the SBA COVID-19 relief options. The SBA is providing direct disaster relief through their Economic Injury Disaster Loan program (EIDL). You can apply for EIDL assistance here. covid19relief.sba.gov

Funding for the SBA Paycheck Protection Program (PPP) has ended and Affinity is no longer accepting new PPP loan applications. We are now working diligently to guide our loan recipients through the forgiveness phase of the program.

PPP Loans $150,000 or More

Members with PPP loans equaling $150,000 or more should have received an email with a link to an online portal to complete the forgiveness application specific to these loans and upload all supporting documentation. Once the covered period of your PPP loan has ended (either 8 or 24 weeks from the date the was loan funded), you may begin the forgiveness application process.

If you did not receive an email from Affinity inviting you to use our online PPP loan forgiveness application, please contact us at 908.860.7370 and leave a message including your name, the business entity name, email and phone number. A representative will respond to you within two business days.

PPP Loans Less than $150,000

We continue to monitor the forgiveness process for SBA PPP loans $150,000 or less while Congress considers legislative action to simplify the forgiveness process. The US Small Business Administration recently released a simpler loan forgiveness application for PPP loans of $50,000 or less (3508S), and this application is now available on our portal.

Affinity will continue to send emails to activate the online portal to specific members with loans less than $150,000 in groups of 50 loans per week, based on your loan funding date. We will continue to send emails each week until all the loans have been completed. Affinity may adjust the number of loans being activated for the online portal each week based on volume, or should the SBA make further changes to the process.

When you receive this email, please log in, even if you are not ready to apply, to activate your account. You can log in at any time following activation to begin the forgiveness application process.

If you need to activate your online portal sooner, please contact us at 908.860.7370 and leave a message with your name, business entity name, email and phone number. A representative will respond to you within two business days.

Guide to Affinity's Online Loan Forgiveness Application

A guide to help you navigate our online portal can be found here. Information on how to complete the forgiveness application can be found on the portal. We also encourage you to refer to the SBA's Frequently Asked Questions here to ensure adherence to the program's forgiveness eligibility requirements.

IMPORTANT: Be Aware of Fraudulent emails Impersonating the SBA and Office of Disaster Assistance

The U.S. Small Business Administration is sending a cyber warning alert to loan applicants seeking federal aid in response to the Coronavirus (COVID-19) pandemic. Email phishing campaigns where malicious actors are impersonating the SBA and its Office of Disaster Assistance to collect personally identifiable information (PII) for fraudulent purposes have surfaced. For more information on how to recognize fraudulent emails from the SBA and how to report them visit, https://www.sba.gov/document/report-sba-programs-scams-fraud-alerts

 

Thank you for your continued patience and understanding as, together, we navigate the SBA PPP loan product requirements.