PPP Loan Forgiveness
Turn your Payment Protection Plan money from a loan into a grant. All you have to do is apply for forgiveness!
Here's what you have to do:
1. Determine if you're eligible. To be eligible, your business must have used all of the PPP loan proceeds received during the covered period (see Timeline detail below).
2. Complete the application form that best fits your business:
- For loans less than $150,000 (Application 3508S): Apply through MVCU.
- For loans less than $150,000: Apply through the SBA PPP Direct Forgiveness Portal. Click here for live SBA Training Guidance.
- For loans more than $150,000 (Application 3508)
- For loans more than $150,000 (Application 3508-EZ) AND borrower did not reduce annual salary or hourly wages of any employees by more than 25% during the covered period
We strongly recommend that you work with your accountant or financial advisor when completing the forgiveness application and compiling all the required supporting documentation.
3. Submit the completed forgiveness application to your account officer.
The completed forgiveness application and supporting documents should be submitted to MVCU no sooner than 8 weeks or 24 weeks (covered period) after the initial funding of your PPP loan AND no later than 10 months from the date your covered period ends.
Once the completed application has been received and reviewed for completeness and accuracy, MVCU will submit the final application to the SBA for approval.
Do you have questions? Reach out to your account officer or email the Commercial Lending Team.
Want more information about PPP? The SBA website has the most up-to-date information.