The U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) is a loan designed to provide direct relief for small businesses to use for payroll, benefits, mortgage interest, rent, and utilities.
ICCU Is Helping Small Businesses
For small businesses struggling during the COVID-19 pandemic, it’s our priority to help you keep the lights on. As a Preferred SBA Lender and one of the state’s largest SBA providers, Idaho Central Credit Union is committed to making this process go smoothly to help businesses and employees during this time.
PPP Loan Forgiveness
Loan Forgiveness Application Portal
AT THIS TIME YOU WILL NOT SUBMIT ANY LOAN FORGIVENESS APPLICATIONS. Idaho Central Credit Union is developing an online portal process for PPP Loan forgiveness. As soon as our online portal is available, you will be notified to begin the process. The PPP rules change frequently. ICCU is committed to make sure you have the most current and accurate information available. We ask for your patience as we work through the process.
Select Appropriate Application
If you currently have a PPP Loan, the Small Business Administration (SBA) has issued additional guidance, as well as two PPP Loan Forgiveness Applications on SBA.gov. Please review the two applications and see which one your business qualifies to use. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process.
EZ Application (SBA Form 3508EZ). The EZ Application requires fewer calculations and less documentation for eligible borrowers. You might be eligible if you meet at least one of the following:
- Are self-employed, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application; OR
- Did not reduce the salaries or wages of your employees by more than 25%, AND did not reduce the number or hours of your employees; OR
- Did not reduce the salaries or wages of your employees by more than 25%, AND experienced reductions in business activity as a result of health directives related to COVID-19.
Standard Application (SBA Form 3508). If you are unable to meet any of the criteria listed under the EZ Application, you must use the regular loan forgiveness application.
For more information, download the instructions for the Paycheck Protection Program Loan Forgiveness Application.
Gather Required Documentation
Once you determine the appropriate application, please begin gathering the required documentation. Please do not submit a Loan Forgiveness Application at this time.
ICCU will have 60 days from receipt of a completed application to submit it to the SBA. The SBA then has an additional 90 days to process the application. The Paycheck Protection Program Flexibility Act also extends the potential maturity of the loan, as well as your first payment date. ICCU will work diligently to submit more than 3,700 applications for the business members we have been able to help.
Payroll Costs. Now ONLY 60% of your qualified expenses need to be spent on payroll related items. You can start gathering your payroll reports, tax forms, payment receipts and so forth that will be required for submission. The necessary documentation requirements are outlined in both applications.
Non-payroll Costs. Up to 40% of your qualified expenses can now be used towards non-payroll expenses. As a lender, we need to verify business mortgage interest payments, lease agreements or utility payments if they are going to be included. The necessary documentation requirements are outlined in both applications.