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 is accepting both First Draw PPP Loan and Second Draw PPP Loan Forgiveness applications. You should have received an email from us advising you how to apply. Please note that the email was sent to the address on file with Tech CU when you applied for the original PPP loan. If you have not received the email notification, please reach out to us at [email protected]. Please remember that it is your obligation, as the borrower, to understand the Small Business Administration’s (SBA) rules for the PPP Loan Program.
If you have received both the First Draw PPP Loan and the Second Draw PPP Loan, here is important information you need before you start:
- You must request forgiveness separately for your First Draw and Second Draw PPP Loans. You cannot combine both in the same application.
- If your PPP loan is $150,000 or less, you now have two options for submitting your application: you may apply directly to the SBA or through Tech CU. The SBA Direct Forgiveness Portal offers a streamlined application process which has received positive feedback from borrowers and lenders alike. You are encouraged to submit your application directly through the SBA portal as it may reduce turn-around time on your application. You will use the same application form (3508S) whether you choose to submit your application directly to the SBA or through Tech CU.
- For borrowers with a PPP loan of $150,000 or less who wish to apply directly to the SBA:
- If requesting forgiveness for a Second Draw PPP Loan of more than $150,000, you must request forgiveness for your First Draw PPP Loan before or at the same time, even if you’re requesting $0 forgiveness for it.
- The covered period you choose for the First Draw PPP Loan and the Second Draw PPP Loan cannot overlap.
Choose the right SBA Form to use:
- Form 3508S: For loans of $150,000 or less
- Form 3508EZ: For loans more than $150,000 and if you can check at least one of the two boxes in the image on the instruction checklist shown below:
- Form 3508: For all other loans
Important Timeline for Forgiveness Applications:
- You have until your current loan maturity date to request forgiveness, however, your payments will begin after your deferral period ends. If you do not file for forgiveness, your deferral period will end 10 months after the last day of the maximum covered period of 24 weeks and this will be the first payment start date for your PPP loan.
- Your covered period commences on the day that we disbursed your PPP Loan proceeds. As long as you submit your application to the SBA before the first payment start date, you will not need to make any payments until the SBA remits a forgiveness payment, if any, or decides that you are not eligible for forgiveness.
- To submit your application, please go to the Tech CU PortalOpens a new window. You will need to select either the 1st Draw Application or 2nd Draw Application before you can upload any documents.
Questions or concerns?
- Feel free to reach out to us at [email protected]. One of our team members will respond to you as soon as possible.
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.