Forgiveness Rules & Forms
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. In 2021 the new simplified PPP Forgiveness rules and forms have been published. If you have not yet been notified that your loan has been forgiven (even if you have applied for forgiveness), we encourage you submit the new forgiveness application, as it is much simpler than the previous versions and should lead to faster forgiveness.
For loans below $150,000, you will use the new Form 3508S; no additional documentation has to be submitted with this updated forgiveness application. The new Form 3508S can be found by clicking here.
For those loans above $150,000, you will utilize either Form 3508EZ found by clicking here or Form 3508 found by clicking here. Each form contains the instructions and the required documentation that will need to accompany the forgiveness application.
Please submit the application to PPPforgiveness@cuofga.org
Second Draw Paycheck Protection Program Loans
You and your business are our top priority. We are honored you chose Credit Union of Georgia for your Paycheck Protection Program (PPP) Loan. We strive to provide the best service possible and keep you informed on the latest updates. We are aware of the Second Draw Paycheck Protection Program (PPP) Loan and new full forgiveness terms. The Credit Union of Georgia will be participating to continue to offer your business the assistance you need.
We are able to start receiving applications for the Second Draw PPP loans! CLICK HERE to apply today.
Here’s what to expect the Second Draw of PPP Loans can be used to fund:
- Payroll costs including benefits
- Mortgage interest
- COVID-19 related worker protection costs
- Uninsured property damage costs caused by looting or vandalism during 2020
- Certain supplier costs and expenses for operations
CLICK HERE to learn more about the requirements for the Second Draw PPP Loans. Since your first PPP Loan was with Credit Union of Georgia, the only documentation you will need to provide for a Second Draw PPP loan will be to show the reduction in revenue. Borrowers can apply for a Second Draw PPP Loan until March 31, 2021.
First Draw Paycheck Protection Program Loans
We are here for you during these uncertain times. We understand during this time it can be an overwhelming to navigate your business’ next steps. That is why we are offering the Small Business Association’s Paycheck Protection Program Loans. The program provides cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to 24 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year.
Small businesses and other eligible entities are able to apply if they have been harmed by COVID-19 between February 15, 2020 and March 31, 2021. This program is retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls.
It is ultimately the responsibility of the borrower to determine what documentation they submit. Please visit www.SBA.gov for further details.
Review the Small Business Owner’s Guide to the CARES Act by Clicking Here.
Review the PPP Applications: Form 3508, Form 3508EZ or Form 3508S by Clicking Here.
CLICK HERE to apply today.
You may also submit your forgiveness application to PPPForgiveness@CUofGA.org.
To learn more contact us at 678-486-1111 or ContactUs@CUofGA.org.