PPP LOAN FORGIVENESS PROCEDURES

Forgiven Loans

Please note that we will not be taking paper applications for the "Forgiveness" loan. In order to apply, we will be sending borrowers a link to the site where you will be able to fill out the "Forgiveness" application. 

Funds are provided in the form of loans that may be forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Please note that we will also ask for:

  • Citizenship Status
  • Date Business Established 
  • Drivers License or other suitable government issued I.D. along with the date of organization of the business should be loaded into the Sageworks document folders on the documents page by pressing “Add a new document.”
  • When applying, Sole Proprietors and independent contractors should include their 1099s as well as Schedule C for 2019 as proof of income.

Resources

MAFCU 3508 Application Portal Instructions

MAFCU 350EZ Application Portal Instructions

Download Payroll Calc Worksheet

Frequently Asked Questions

PPP Flexibility Act Newsletter

PPP Forgiveness Application 3508EZ 

PPP Loan Forgiveness Application

PPP-Loan-Forgiveness-Application-Form-EZ-Instructions

PPP-Loan-Forgiveness-Application-Instructions

 

The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information