If your small business has received a PPP loan, you'll need to apply to have your loan forgiven based on strict requirements. Check out the applications and directions which detail those requirements below. We will update this page periodically with the latest information from the SBA and connect you with helpful resources you can use during this process.
Applying for Forgiveness
We’re now accepting loan forgiveness applications. The deadline to file for forgiveness is 10 months after the covered period ends. For more information on the PPP Loan Forgiveness guidelines, you can check out the Small Business Administration website here.
If you're ready to file for forgiveness, you can do so using the applications linked below. Make sure that you select the correct application for your circumstances. You MUST fill out the application in its entirety and include all necessary documentation in order for Town & Country Credit Union to accept it. Your lender will fill in the SBA Loan Number, Lender PPP Loan Number and the Disbursement Date for you after you submit.
3508S Loan Forgiveness Application - The 3508S Application is for those who received PPP loans of $50,000 or less.
3508EZ Loan Forgiveness Application –The 3508EZ Application is for those who borrowed more than $50,000 and fit one of the following criteria:
- Self-employed or a sole proprietor with no employees;
- Did not reduce the salary/hourly wages of any employees by more than 25% and did not reduce the number of employees and their regular hours; or
- Did not reduce the salary/hourly wages of any employees by more than 25% and was unable to operate during the covered period due to COVID-19 requirements.
3508 Loan Forgiveness Application – The 3508 Application is for anyone who doesn’t fit the criteria for 3508EZ or 3508S.
Your completed application and supporting documentation should be submitted to your lender via email. After we receive your completed application, Town & Country Credit Union has 60 days to file the application with the Small Business Administration (SBA), then the SBA has another 90 days to process the applications and remit the funds to us.
As a PPP lender, Town & Country Credit Union can’t offer an opinion on whether the loan of any particular borrower qualifies for forgiveness. The SBA will determine whether the borrower is approved for forgiveness and for what amount after your Town & Country lender submits your application on your behalf. If you have specific questions regarding the forgiveness process, talk with your lender.