Coronaviruses Business Support
PPP Loan Forgiveness Guide (1st & 2nd draw)
- Borrowers may elect between an 8 - 24 week loan forgiveness coverage.
- Forgiveness loan covers payroll and non-payroll expenses (for a list of non-payroll expenses check sba.gov).
- Borrowers determine their loan forgiveness application process (SBA Form 3508 ES for loans under $150,000. Over that amount can use the standard SBA Form 3508 or EZ Form 3508EZ).
What do you need to apply?
- Supporting payroll and non-payroll expense documentation
- SBA loan number (located at the top of your signed SBA Paycheck Protection Program loan document)
- If you do not have this document available, contact the Business Service team at SmallbusinessPPPforgiveness@togethercu.org.
Who is eligible to apply?
- PPP borrowers may be eligible for loan forgiveness if their loan funds were used for qualifying payroll and non-payroll expenses during either the 8 or 24 week period after their loan disbursement.