NOTICE: Our San Francisco branch is temporarily closed due to shelter in place guidelines and the occasional impact this has on our ability to staff all of our branches. The following branches are open: Campbell, Cupertino, Dublin, Fremont, Milpitas, Palo Alto, San Jose, Santa Teresa, and Sunnyvale. Branch ATMs remain operational. Click here for branch locations and hours.

  • PPP Loan Forgiveness Information

    Our goal is to make the loan forgiveness process as easy as possible for you. We know how important it will be for you to successfully apply and receive loan forgiveness. To that end, Tech CU has invested in developing an online solution to facilitate the safe and secure submission of required documentation. We will send you an email letting you know when the portal goes live. In the meantime, please know that we are committed to being here for you every step of the way.

    Here are the latest updates related to PPP loan forgiveness guidance:

    • The SBA is currently accepting applications. However, the SBA is not processing applications.
    • The process, dates, and requirements may change. The SBA is still defining how it will calculate amounts related to PPP forgiveness. Additionally, Congress is looking at simplifying the forgiveness process. Since things are in flux, we recommend that you wait until the rules and the process are finally defined before submitting an application.
    • Tech CU is developing a secure online portal to make it easier for you to submit your documents once requirements are finalized. We will notify you via email and on this page when the portal is ready to go live.
    • Remember, you have 16 months from the funding date of your loan to apply for PPP Loan forgiveness.
    • To see current SBA guidance, you can go to the SBA's PPP information page.
    • To see current U. S. Treasury guidance, you can go to their Assistance for Small Businesses page.
    • To see current PPP Forgiveness applications, go to the following links:
    • For Independent Contractors and Sole Proprietors, without payroll employees, you will be able to have the PPP loans forgiven in their entirety upon completion of the required PPP loan forgiveness application.

    While we encourage you to review the application forms and instructions linked above, please do not fill out an application yet – it will be easier for you to do so through the secure online portal we are building. Please be on the look-out for an email announcing the go-live. We are here for you and we will help you through the whole process.

    So, what can you do in the meantime?

    DOCUMENT. DOCUMENT. DOCUMENT.

    Be sure to maintain a paper trail showing how your PPP money is being used, and keep in mind that based on the new rules, you now have 24 weeks from the day you receive funding to use the money provided by your PPP loan. Be sure to keep documents, such as:

    • Copies of all checks (including those written to yourself);
    • Copies of all bills (utilities, rental or lease agreements, etc.);
    • Documents on payments made for eligible mortgage, lease, and utility obligations; and
    • Payroll documentation, including documents that verify the number of full-time equivalent employees and their rate of pay.

    AVOID OWING MONEY

    The amount you owe may increase if you reduce employee headcount or compensation or fail to re-hire employees and restore their compensation levels. Refer to the Treasury’s Borrower Information Sheet for details.

    STAY INFORMED

    The U.S. Chamber of Commerce continues to update their Small Business Guide and Checklist, which provides a great deal of information about how PPP forgiveness works. You can also visit the Treasury’s Frequently Asked Questions page.

    Come back to this page often for the latest information. We’ll be updating it regularly as we receive guidance on how the process will work, and we are committed to being here for you to work through this together.

    NOTE: The information provided on this page does not, and is not intended to, constitute legal advice. The content of this page is provided for general informational purposes only. We encourage you to consult with your professional financial and legal advisors for guidance.

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