SBA Paycheck Protection Program

Great news. The Small Business Administration (SBA) is now accepting PPP Loan Forgiveness applications.

It's easy. Simply visit their website at https://directforgiveness.sba.gov to start the process.

Click here for an explanatory User Guide, with step-by-step application details, and advice.

To ensure no delay in processing, here are a few things to note:

Forgiveness applications are handled by the SBA only, not the Credit Union. We will not be able to accept application materials on your behalf.
Review your initial SBA form and ensure your forgiveness form has matching data.
Using MS Edge or Google Chrome browsers is recommended for an optimal experience.

Questions? Contact the “SBA PPP Direct Forgiveness” hotline at 1.877.552.2692.

SMALL BUSINESS PAYCHECK PROTECTION PROGRAM
The Paycheck Protection Program provides small businesses with funds to cover up to either 8 weeks or 24 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Fully Forgiven — Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (at least 60% of the forgiven amount must have been used for qualified payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor the Credit Union will charge small businesses any fees.

Borrowers must Keep Employees on the Payroll—or Rehire Quickly. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. All Small Businesses Eligible- Small businesses with 500 or fewer employees—self-employed individuals, sole proprietorships, and independent contractors— are eligible. If borrower meets all requirements, loan amount can be forgiven by the US government for maintaining a level of business activity & remaining compliant. Program is administered and governed by the Small Business Administration®.

The Paycheck Protection Program is implemented and subject to change by the Small Business Administration guidelines with support from the Department of the Treasury. Borrowers should visit www.sba.gov or www.coronavirus.gov for more information.

*Credit Union members in good standing may submit applications. Members not in good standing, or have caused a loss to the Credit Union, may have their PPP application declined.