Payroll Protection Program (PPP) Update

The SBA announced on 5/5/21 that Paycheck Protection Program funding had been exhausted, therefore, Pawtucket Credit Union is no longer accepting PPP loan applications.

Below, find some important information regarding PPP loan forgiveness.

If you have any questions about the forgiveness process, please do not hesitate to contact us at 401-729-5754.

How and when to apply for loan forgiveness

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

How does the forgiveness application process work?

Use our secure portal to upload your application and required documentation. Our lenders are available to help answer any questions you have about the process and help walk you through the necessary steps. Once your application is submitted, we will perform our initial review and reach back out to you if anything is incomplete or if any additional documentation is required.

You will find the appropriate applications on their respective tabs below.

Once the application is completed, print the completed application, sign it, scan the signed application and upload the signed application as a PDF along with any additional required supporting documentation to our secure document portal under the tab labeled “Upload Loan Documents” below.

If you have any questions regarding this process, please contact your PCU loan officer. Once you have completed the forgiveness application and have all of the required documentation, your paperwork can be uploaded through using the tab labeled “Upload Loan Documents” below   or can be mailed to Pawtucket Credit Union headquarters at 1200 Central Avenue, Pawtucket, RI 02861.

Still have questions? Frequently asked questions regarding the PPP program and their answers may be found here on the SBA website.

Paycheck Protection Program Loans $150,000 or less

On 12/21/20, lawmakers passed a COVID-19 relief package that includes a simplified PPP forgiveness process allowing PPP loans of $150,000 or less to be forgiven after the borrower completes a one-page attestation.

In addition to the EZ and the traditional forgiveness application forms, there is a third form option: SBA Form 3508S. This form should only be used by borrowers who received $50,000 or less in PPP funds.

Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.

 

PPP Loans greater than $150,000

If you borrowed more than $150,000 you should download and use SBA Form 3508.

Still have questions?  Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.

Upload the signed application as a PDF along with any additional required supporting documentation here: