The SBA now offers a Direct Forgiveness application option to borrowers. We strongly encourage eligible members to use this Direct Forgiveness option, as it will make completing the application easier and approvals for forgiveness will be faster. This will save our members time and effort, and allow them to get back to the things they want to be doing.
Borrowers with loans less than $150,000 can now apply online through the SBA’s fast and easy Direct Forgiveness. Borrowers will no longer have to fill out a PDF and the Direct Forgiveness portal will populate most of the information after looking up your loan with your business EIN or SSN (when applicable), and the SBA loan number.
To get started, go to the Direct Forgiveness page and register. Once registered, the Direct Forgiveness Portal allows the business to electronically apply for forgiveness of their PPP loan directly to SBA. You can also monitor your request (or requests. each user can process multiple forgiveness applications if you have more than 1 business) through a portal, which will tell the current status, if anything is needed, etc.
The SBA also offers a Customer Service line to support businesses through the process. Live support is available Monday-Friday 8 a.m. ET to 8 p.m. ET at 1-877-552-2692. Call with questions regarding login help, locating SBA PPP loan number, status questions, etc.
For further information, please view the SBA User Guide.
PPP Loan borrowers should be diligent in keeping accurate payroll and accounting records to maximize their loan forgiveness amount. All eligible expenses should be tracked and recorded with accompanying documentation during the covered period to allocate funds. Consult with your tax advisor, legal counsel, accountant, and/or payroll service to assist your business when necessary. Goldenwest Credit Union will contact borrowers with additional instructions if additional information is required to process a forgiveness request.
The SBA has provided three different loan forgiveness applications for borrowers. Each applications gives borrowers the option of using the funds over 24-weeks or less.
PPP Loan borrowers must select, complete, and submit one of the applications:
Not sure which form to use? See form descriptions below:
3508 S: This is the simplest form the SBA has. If your loan is less than $150,000, you’ll likely use this form. Consider using the Direct Forgiveness option for a faster and more streamlined process.
3508 EZ: If you’re PPP loan was more than $150,000 and salaries weren’t reduced by more than 25%.
3508 Full: This form is used if you don’t qualify to use the S or EZ forms. Your loan is more than $150,000 and the business reduced staff hours or numbers or pay during the reference period by more than 25%, or if you have more than $2 million in loans.
PPP Loan borrowers should review the instructions in the packet, and return the completed application via email to COVID19relief@gwcu.org with a subject line of FORGIVENESS APPLICATION with your business name (i.e., FORGIVENESS APPLICATION Smith's Lawn Service, LLC).
Download a PDF version of the Full Forgiveness Application Packet.
Download a PDF version of the EZ Loan Forgiveness Application Packet.
Download a PDF version of the S Loan Forgiveness Application Packet.
When SBA forgives your loan, they will send the forgiveness funds to Goldenwest, and we will apply them to your loan. Once the forgiveness funds have been applied, you will have one of two things happen:
In both cases, we recommend you log in to your GWCU account via online banking to see the transaction.
Please note that if you received an EIDL grant/advance, SBA holds this out of your forgiveness amount.
The SBA now offers a Direct Forgiveness application option to borrowers. We strongly encourage eligible members to use this Direct Forgiveness option, as it will make completing the application easier and approvals for forgiveness will be faster. This will save our members time and effort, and allow them to get back to the things they want to be doing.
