FIPCO, a wholly-owned WBA subsidiary, has created a free Paycheck Protection Program Forgiveness Calculation Tool to help lenders provide their customers with information and to aid borrowers with calculations related to the forgiveness phase of the PPP program. The information and calculations in the calculator are kept current. Please note: the calculations are formulated for small business use only and is NOT intended for use by self-employed individuals or independent contractors.
The tool is a fillable PDF that performs the necessary calculations to generate important loan figures such as the adjusted forgiveness amount, anticipated forgiveness amount, and anticipated remaining principal loan balance.
The form can be downloaded directly from www.wisbank.com/articles/2020/04/wba-fipco-ppp-borrower-forgiveness-calculator and is located on WBA’s bank customer-facing coronavirus resource center: www.wisbank.com/COVID-19.
FIPCO shared this tool with the Wisconsin Legislature and it was discussed during a key legislative hearing (see page 1). In addition, WBA has shared this tool with Associate Members and other state banking associations who are helping their clients and members navigate the PPP loan waters.
New Offering from FIPCO: PPE Masks
As our state and nation begin to emerge from the COVID-19 pandemic, banks should start their reopening planning process including PPE for Employees. FIPCO now offers two mask options available for purchase:
- KN95 Mask: This reusable mask is eco-friendly and protects from viruses, dust, pollution, and allergens.
- Non-Medical Use Personal Protection Face Mask: This disposable mask is FDA registered and features three layers of protection. It is lightweight and comfortable with an elastic ear-loop and built-in metal adjustable nose bridge for a better fit.