Small Business Administration (SBA)

Paycheck Protection Program (PPP) Update on Loan Forgiveness

Page Last Updated: 08/07/2020

We continue to update this page as new information becomes available from the SBA. Please check back often.

SBA PPP Loan Forgiveness Applications

Loan Forgiveness Steps

The SBA is not yet accepting Forgiveness Applications. We will email you when you can submit your application.

In the meantime, here are a few things about forgiveness to keep in mind:
• You may be eligible for all, a portion, or no forgiveness on your loan.
• You should request forgiveness only after you have spent all the funds that are eligible for forgiveness.
• Continue to visit sba.gov for the most up to date guidelines.

View our FAQs for more details about SBA PPP Loan Forgiveness

For Full Forgiveness
Members must provide documentation to Vantage West Credit Union for all expenses for which they plan to request forgiveness. You will be responsible for any amounts not forgiven under the loan.

It is your obligation, as the borrower, to understand the SBA’s rules. This information does not constitute legal, financial, or regulatory advice. Borrowers are advised to consult appropriate and authorized representation in connection with all aspects of the SBA PPP loan application, due diligence, and loan forgiveness requirements.

General SBA PPP Information
Vantage West Members must have had a business account on or before 2/15/2020 to be eligible to apply for the SBA PPP. We will continue to accept SBA PPP applications through August 7, 2020, or until funds provided by the CARES Act have been exhausted.

DOWNLOAD SBA PPP GENERAL INFORMATION HERE.
THE SBA PPP APPLICATION CAN BE FOUND HERE.

Disclosures

All applications for a SBA PPP loan are subject to credit approval, supporting payroll records and tax documents for Vantage West to verify the dollar amount of average monthly payroll costs, Vantage West program and underwriting guidelines, and other SBA requirements in Vantage West’s absolute discretion. The PPP Loan program is first-come, first-served SBA sponsored program. Vantage West makes no guarantee that by submitting an application to Vantage West that any application will be processed, reviewed, or approved. Applicant will hold Vantage West harmless from any and all actions, claims or disputes in connection with the SBA PPP loan program, application, and in any way connected with Vantage West’s approval or non-approval of Applicant’s request. Vantage West will calculate the eligible loan amount using Borrower’s tax documents which Borrower certifies are identical to those submitted to the IRS.