Payment protection program. As an SBA Preferred Lender, we have processed just under $100 million in relief funds

New Funding Legislation for PPP Loans

Apply for a First or Second Draw PPP Loan

SBA has released applications for obtaining a Paycheck Protection Program Loan. Please review all information below, complete the appropriate PPP Loan Application, and send it to COVID19relief@gwcu.org with “Application Attached” in the subject line. Incomplete, illegible, or inaccurate applications may cause a substantial delay in processing your request.

There are two PPP Loan Application Options:

  1. First Draw
    • Only available to businesses who did not receive a PPP Loan prior to August 8th, 2020
    • Based on 2.5x your monthly average payroll
    • Full balance may be eligible for forgiveness, provided that at least 60% of the funds are used for eligible payroll costs. The remaining 40% may be used for mortgage interest payments, rent payments, utilities, some covered operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
    • Download the Top Line Overview of First Draw PPP Loans provided by SBA
  2. Second Draw
    • Available to any business that received a PPP Loan prior to August 8th, 2020
    • Based on 2.5x your monthly average payroll (3.5x if your NAICS code begins with 72)
    • Requires that the business demonstrate a 25% reduction in gross revenue from at least one quarter in 2020 to the same quarter in 2019
    • Full balance may be eligible for forgiveness, provided that at least 60% of the funds are used for eligible payroll costs. The remaining 40% may be used for mortgage interest payments, rent payments, utilities, some covered operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
    • Download the Top Line Overview of Second Draw PPP Loans provided by SBA

Open, download, and save the application to your computer prior to entering any information.

Download a First Draw PPP Application here.

Download a Second Draw PPP Application here.

As the business owner, you are responsible for the accuracy of the information you provide, and Goldenwest Credit Union is relying upon the documents and certifications you make. We strongly recommend that you consult with Legal Counsel and a CPA/Accounting Professional to ensure you are eligible for a PPP Loan. Please visit www.sba.gov/ppp for additional program details.

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 entire 24-week time period to allocate funds. Consult with your tax advisor, legal counsel, accountant, and/or payroll service to assist your business when necessary. Goldenwest will contact borrowers with additional instructions on how to submit your PPP Loan forgiveness documents.

The SBA has provided three different loan forgiveness applications for borrowers. Both applications give borrowers the option of using the original 8-week period or the extended 24-week covered period.

PPP Loan borrowers must select, complete, and submit one of the applications:

Borrowers electing to use the EZ Loan Forgiveness Application must meet ONE or more of the following conditions:

  • You are self-employed and have no employees; OR
  • Your business did not reduce salaries or wages of your employees by more than 25%, and did not reduce the number or hours of your employees; OR
  • Your business experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of your employees by more than 25%.

Borrowers electing to use the S Loan Forgiveness Application must meet the following conditions:

  • Total loan amount is $150,000 or less
  • The borrower, together with its affiliates, has not received loans totaling $2 million or greater

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:

  1. Your loan is paid off in full, and nothing further is required.
  2. If there is a remaining balance, a member of the Goldenwest Credit Union team will reach out to you directly to coordinate how and when to pay the amounts back. The remaining amount can be amortized for up to 5 years at 1% interest.

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.