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COVID-19 Small Business
Loan Program Information


In an effort to provide you with the highest quality member experience regarding your SBA Paycheck Protection Program ("PPP") loan, we have decided to partner with a long-standing and respected SBA Small Business Lending Company, The Loan Source, Inc. ("Loan Source") to take over the forgiveness and ongoing servicing process of our PPP loans.

Loan Source has invested heavily in technologies and personnel to aid PPP borrowers through their forgiveness process via an online portal. They will be sending you an email within the next few days to welcome you and to provide information regarding the forgiveness process, and how and when to access their forgiveness portal.

In the meantime, please monitor the SBA releases for the latest rules and regulations, and review Loan Source's website at theloansource.com for FAQs, important dates, monthly educational webinars, and other information regarding your PPP loan.



Maximize your forgiveness amount.

The Paycheck Protection Program Flexibility Act allows you to select a 24-week covered period for using your PPP funds. While Loan Source has allowed borrowers into their portal since July, we encourage you to take advantage of the full 24-week period in order to maximize your forgiveness amount. Your Forgiveness Application is not due until 10 months after the end of this covered period, and no interest or principal payments are due on your PPP loan until your Forgiveness Application has been submitted and accepted by the SBA. Therefore, no immediate action is required other than to review Loan Source's website, the Forgiveness Application, IFRs and FAQs, and to gather relevant documentation.

While Loan Source will be your primary contact for your PPP loan going forward, you can still contact your relationship lead at Bethpage if you have questions during the forgiveness process.

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Additional Resources

  US Department of the Treasury: Assistance for Small Businesses

https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

  Small Business Administration (SBA)

https://www.sba.gov/


FAQs

How do I apply for PPP Loan Forgiveness?

Why can’t I submit my application to Bethpage?

In an effort to provide you with the highest quality member experience, Bethpage decided to partner with a long-standing and respected SBA Small Business Lending Company, The Loan Source, Inc., to take over the forgiveness and ongoing servicing process of our PPP loans. The Loan Source, Inc. is a SBA lender specializing in the PPP loan process and will be handling all Bethpage PPP Loan Forgiveness applications. The Loan Source will help guide you, double check that you calculated your numbers correctly and maximize your forgiveness amount. This will save you from the SBA coming back for additional information.

Why is my PPP Loan showing “Paid Off” when I log in to my Online Banking?

When can I apply for PPP Loan Forgiveness?

The Paycheck Protection Program allows you to select a 24-week covered period for using your PPP funds. Your forgiveness application is not due until 10 months after the end of this covered period.

The Paycheck Protection Program Flexibility Act of 2020, which became law on June 5, 2020, extended the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness. The 24- week period applies to all borrowers, but borrowers that received an SBA loan number before June 5, 2020, have the option to use an eight-week period.

Please visit The Loan Source FAQ for specific questions regarding the covered period at https://info.armaninollp.com/ppp-forgiveness-faq/acap/ or https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf

When do I begin making payments on my PPP Loan?

How do I log in to The Loan Source?

The Loan Source will send you a welcome email and will provide information on the forgiveness process and how and when to access the forgiveness process, including your log in credentials.

I did not receive an email from The Loan Source, how do I obtain my log in credentials?

Loan Source is asking for my SBA Account Number, where can I find it?

Your SBA Account Number is located on your PPP Loan Promissory Note, see below.
PPP Loan Promissory Note

How do I speak to someone if I have questions prior to, during, or after submitting my application?

How long does the PPP Forgiveness Application process take?

The Loan Source website provides a timeline from Borrower Covered Period to Forgiveness.
timeline from Borrower Covered Period to Forgiveness

Bethpage’s email states I can contact my relationship lead at Bethpage. How do I know who my relationship lead is and request a call back?

Your relationship lead is the underwriter that processed your PPP loan application. If you do not know who your relationship lead is, you can submit a request to Bethpage for a call back at https://www.bethpagefcu.com/more/small-business-loan-info.aspx.

Please note, we recommend visiting www.theloansource for FAQs answering all questions regarding the Forgiveness process.