Is Gesa Credit Union accepting SBA PPP forgiveness applications?
Yes, the SBA is now processing PPP loan forgiveness applications.
Will my SBA PPP loan be automatically forgiven?
The SBA in consultation with the Department of Treasury has streamlined SBA PPP loans that are $50,000 or less. They provided a new application form 3508 S. Your loan amount could be fully forgiven, unless you received an Economic Injury Disaster Loan (EIDL) advance from the SBA. If you received and EIDL advance of $10,000 or less, that amount will be deducted from the SBA forgiveness amount. The SBA has the discretion to partially forgive your loan.
What happens to the portion of my loan that is not forgiven?
Gesa will give you the option to pay your remaining balance in full, or make monthly payments amortized over the remaining term of the loan at the agreed upon interest rate of 1.00%.
What application do I use if my SBA PPP loan was more than $50,000?
SBA PPP loan amounts greater than $50,000 for sole props, contract employees, 1099 employees will use the form 3508 EZ application. SBA PPP loan amounts greater than $50,000 for those borrowers who do not qualify for the EZ form requirements will use the form 3508 application.
What recent changes has the SBA made to this loan program?
After June 5, the SBA extended the cover period from 8 weeks to 24 weeks. In addition, they extended the payment deferral period from 6 months to 10 months after the cover period ends.
What if I have additional questions regarding the SBA PPP Forgiveness process?
For more information, check out the PPP Loan Forgiveness FAQ document.
Where can I find the SBA PPP Loan Forgiveness Application?
Gesa is using a third party vendor to process the forgiveness applications. Please do not complete an application from the SBA.gov website and send it to Gesa. We are only processing applications and obtaining supporting documentation through the link listed below.
- Begin your application online.
- ID is the business name, exactly how it is reflected on the PPP application.
- Password is the business’s EIN number, no spaces or dashes.
If I have questions for a Gesa Team Member, who do I contact?