PPP Loan borrowers should be diligent in keeping accurate payroll and accounting records to maximize their loan forgiveness amount. All eligible expenses should be tracked and recorded with accompanying documentation during the covered period to allocate funds. Consult with your tax advisor, legal counsel, accountant, and/or payroll service to assist your business when necessary. USU Credit Union will contact borrowers with additional instructions if additional information is required to process a forgiveness request.
The SBA has provided three different loan forgiveness applications for borrowers. Each applications gives borrowers the option of using the funds over 24-weeks or less.
PPP Loan borrowers must select, complete, and submit one of the applications:
Not sure which form to use? See form descriptions below:
3508 S: This is the simplest form the SBA has. If your loan is less than $150,000, you’ll likely use this form. Consider using the Direct Forgiveness option for a faster and more streamlined process.
3508 EZ: If you’re PPP loan was more than $150,000 and salaries weren’t reduced by more than 25%.
3508 Full: This form is used if you don’t qualify to use the S or EZ forms. Your loan is more than $150,000 and the business reduced staff hours or numbers or pay during the reference period by more than 25%, or if you have more than $2 million in loans.
PPP Loan borrowers should review the instructions in the packet, and return the completed application via email to COVID19relief@gwcu.org with a subject line of FORGIVENESS APPLICATION with your business name (i.e., FORGIVENESS APPLICATION Smith's Lawn Service, LLC).
Download a PDF version of the Full Forgiveness Application Packet.
Download a PDF version of the EZ Loan Forgiveness Application Packet.
Download a PDF version of the S Loan Forgiveness Application Packet.