Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
PPP Forgiveness Instructions & Portal
The highly anticipated Forgiveness portal is now ready!
To complete your applications for Forgiveness, you will need the loan documents that were signed when closing on your Paycheck Protection Program (PPP) loan. The streamlined process will automatically determine if your business qualifies for the 3508 or the 3508EZ form. Information needed to process your request include the items below.
(Certain information is available to you on the promissory note):
• Tax Identification Number
• Loan Disbursement Date
• Lender Loan Number
• SBA Loan Number
• Payroll Documentation identifying:
- Cash Compensation
- Non-Cash Compensation
- Compensation to Owners
• Other qualifying payment documentation:
- Mortgage Interest Payments
- Business Rent or Lease Payments
- Business Utility Payments
• PPP Borrower Demographic Information Form (if desired)
Please note, when enrolling in the online portal, once you have signed up, you will receive an email to verify your email address. The email will direct you to complete your form. You may close page and sign back into the portal at any time, on another device.
You may CLICK HERE to begin
Borrowers Forgiveness Checklist
Portal Platform Preview
One of the goals for McCoy Federal Credit Union, is to help you and your business navigate these uncertain times faced by our nation. We understand the strain this has placed on you and your business and are doing all we can to help. We continue to monitor the status of the Paycheck Protection Program (PPP), as well as the Loan Forgiveness Application, and receive regular updates from the SBA regarding any changes.
On Tuesday, September 15, when we commence accepting Loan Forgiveness Applications, you may visit the McCoy FCU website up-to-date information. Be reassured, the 8-week period to use the funds and request forgiveness for the PPP has been extended to 24 weeks. It is important that you have documented the use of the funds from the approved PPP Loan and store the records in the event your file is selected for review.
We continue to work diligently to process member applications and supply the required documentation to the SBA platform. We will notify you immediately to provide updates and information supplied by the SBA. Once all documentation is received, reviewed, and processed for a loan forgiveness decision, you will be notified of the results.
We wish you good health. Stay safe.
Business Services Team
McCoy Federal Credit Union