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PPP Forgiveness Application Tutorial

We're currently only accepting round 1 forgiveness. If your loan originated in 2021, you'll be notified when it's time to apply.

Access the PPP forgiveness application here.

The following documentation will be required:

Independent contractors/Self-employed borrowers (no employees) will need:

  • Tax ID used for the PPP loan
  • Online banking login:
    • Automatically import expenses from an external bank account
  • Loan amount & disbursement date
  • A copy of the most recent Schedule C used to obtain the loan.
  • Documents to show how the PPP funds were paid out (e.g. bank statements, canceled checks, payroll tax reports).

Business with employees will need:

  • Tax ID used for the PPP loan
  • Online banking login:
    • Automatically import expenses from an external bank account
  • Loan amount & disbursement date
  • Payroll report: Borrowers are required to provide evidence of cash compensation and hours worked by each employee for (a) the covered period (b) the reference period
    • A specific PPP Forgiveness report may be available from your payroll provider. If you have a payroll provider but they do not offer a PPP Forgiveness report, create a Payroll Report within the system showing all employees for the covered and reference period.
    • The portal contains instructions on how to find and export either the PPP Forgiveness Report or an appropriate Payroll Report from these payroll systems:
      • ADP - RUN; WorkforceNow; Comprehensive Services; TotalSource
      • Gusto
      • OnPay
      • Patriot
      • QuickBooks - Desktop Payroll; Online Payroll
      • Paychex - Flex; SurePayroll
      • Square Payroll
      • Wave Payroll
      • Xero
      • Zenefits
      • … and more coming soon!
    • If no payroll provider is used, there will be a template available within the application.
  • If Healthcare Expenses were paid, include a document with a summary of those Payments during the Covered Period and proof of payment
  • If Retirement Expenses were paid, include a document with a summary of those Payments during the Covered Period and proof of payment

Non-Payroll:

  • The allowable expense categories for business properties are:
    • Mortgage interest
    • Rent or lease
    • Electricity
    • Water
    • Gas
    • Phone
    • Internet
  • To include mortgage interest: provide a schedule from the lender showing the interest portion of the payments received and evidence that the payments were made (e.g. bank statements or canceled checks)
  • For the remaining expenses, we will require a copy of the contract/account and evidence the payments were made.
  • The contract/service must be in force as of Feb 15, 2020 Contracts/accounts created after this date will not count towards forgiveness.

Note: Currently, we are using the most recent guidance. We will update this webpage with any rule changes as soon as it is made available.

Most recent forgiveness FAQ from SBA:

https://home.treasury.gov/system/files/136/PPP--Loan-Forgiveness-FAQs.pdf

Resources:

https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-8

Email us at Paycheckprotection@usffcu.org for questions.

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