We will begin reaching out to our PPP borrowers about loan forgiveness applications the week of August 17, 2020. According to SBA guidelines, borrowers have up to 10 months from the date of the loan to apply for loan forgiveness. We expect this process to take up to three months to process all loan forgiveness applications. So that we can serve all 1,100 of our borrowers efficiently, we have established the following process.
Submitting an Application
- We will accept applications in the order in which loans were funded.
- When we are ready to accept your application, we will notify you by email. The email will come from SmartIQ <firstname.lastname@example.org>.
- The link provided to you via email will be the only way to submit a loan forgiveness application.
Completing your Application
- Your loan application will be pre-populated with your information.
- The interactive form will help guide you to complete your application and upload the required supporting documentation. Please consult with your CPA or another professional if you have questions about the application or supporting documentation.
- Once you have submitted your forgiveness application, we will send you an email confirmation.
Finalizing your Application
- We will review and either collect additional information or submit your application to the SBA within 60 days. You will receive an email notifying you once it has been submitted.
- The SBA will have 90 days from the date we submit your application to render a decision. Loans with a funding date before June 5, 2020 will not have payments due before we receive a decision from the SBA. If your first loan payment is due prior to receiving a decision, UFCU will provide a change in terms to modify the due date in October.
- Once we receive a decision from the SBA, we will communicate the details of your forgiveness.