***Important Update! Treasury Department clarifies PPP tax question (November 20, 2020)***
The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance today clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. 

Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results in neither a tax benefit nor tax harm since the taxpayer has not paid anything out of pocket.

If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not. Therefore, we encourage businesses to file for forgiveness as soon as possible.

In the case where a PPP loan was expected to be forgiven, and it is not, businesses will be able to deduct those expenses. For details visit https://home.treasury.gov/news/press-releases/sm1187.
 

PPP Loan Forgiveness Application Information

Thank you for your trust in Investors Community Bank during the PPP loan application process. The loan application period ended August 7, 2020. We are now in the process of assisting our customers through the forgiveness phase of this program. Please use the link below (red button) to apply to have your PPP loan considered for forgiveness by the U.S. Small Business Administration.

If you have any questions about the application process, please contact your banker for assistance. 

Need technical support? Contact Cyrene Wilke via email or call (920) 686-5679 or Karl Spaay via email or call (920) 686-5676 - OR click here to schedule an online appointment for PPP forgiveness application technical support. 
 
***Please watch the demo video before beginning your loan forgiveness application.***

Updated 10/13/2020

Update 11/18/20:
The SBA has set up a recovery hub at www.sba.gov/recovery with essential details, resiliency tips and connections to local assistance.
 
Update 10/23/20:

The SBA recently introduced a new 3508-S (Simplified) application for PPP loan forgiveness. This form is now available in the online PPP forgiveness portal. Upon registration and login to the PPP loan forgiveness system, from the Get Started page you will be prompted to “Pick Your Path”. Select the 'Streamlined 3508 S Process' to complete the application.


Update 8/27/20: 

On August 24, 2020, the SBA issued a PPP Interim Final Rule that, among other things, clarifies the eligibility of rent paid to a related party for loan forgiveness. See the excerpt from Section 2)b from the link below.
 
b. Are rent payments to a related party eligible for loan forgiveness?
Yes, as long as (1) the amount of loan forgiveness requested for rent or lease payments to a related party is no more than the amount of mortgage interest owed on the property during the Covered Period that is attributable to the space being rented by the business, and (2) the lease and the mortgage were entered into prior to February 15, 2020. Any ownership in common between the business and the property owner is a related party for these purposes. The borrower must provide its lender with mortgage interest documentation to substantiate these payments. While rent or lease payments to a related party may be eligible for forgiveness, mortgage interest payments to a related party are not eligible for forgiveness. PPP loans are intended to help businesses cover certain nonpayroll obligations that are owed to third parties, not payments to a business’s owner that occur because of how the business is structured. This will maintain equitable treatment between a business owner that holds property in a separate entity and one that holds the property in the same entity as its business operations.
 
 
Please contact us if you have already submitted your application for loan forgiveness and it includes related party rent expenses greater than the amount of mortgage interest, or if you have any questions.

ICB PPP Loan Forgiveness Webinar Reference Materials
 
 
 
 
 
 
 
 
 
 
 
 
ICB Business Blog
Other Supporting Resources
The resources listed below were accurate prior to June 4, when the PPP flexibility act was passed by Congress and should be used for informational purposes only. The act changed a good portion of the original PPP loan forgiveness guidelines, please use the buttons at the top of this page to access the most current information and to apply for forgiveness. 



 
Media Inquiries:
Contact Laura Wiegert, Senior Vice President - Marketing via email or at (888) 686-9998
 

 

Manitowoc Phone:
(920) 645-6100

Stevens Point Phone:
(715) 254-3400

Appleton Phone:
(920) 739-2660

Green Bay Phone:
(920) 884-1166

Call Toll Free: (888) 686-9998
Email: contact@investorscommunitybank.com

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