Both applications give borrowers the opportunity to take advantage of the initial eight-week covered period (if their loan was granted before June 5, 2020) or an extended 24-week covered period. The total amount of the loan can be as high as 2.5 times the average monthly payroll, which must not exceed $10 million. 9. I received an advance for the Economic Injury Disaster Loan (EIDL), does this affect my potential ppp credit amount? Look for the necessary forms to manage your accounts, switch to BECU, apply for credits or request other financial services. The Chrome browser is the most appropriate to display these documents. 60% on salary costs, including benefits, 40% on rent, mortgage payments, pension benefits and interest on loans – The period covered increases to 24 weeks You owe money if your loan is due, if you use the loan amount for anything other than salary costs, mortgage interest, rent and pensions within 24 weeks of receiving the loan. No more than 40% of the amount allocated cannot be used for non-remuneration costs. Applications for PPP loan challenges must be submitted through the SBA ® SBA PPP Forgiveness Portal. Our CallCenter, branch bankers and relationship managers cannot accept any ppp loan application. We recommend downloading and reading our PPP Loan Forgiveness user manual to familiarize yourself with the process. How can P3 loans be used? In accordance with the SBB guidelines of June 11, 2020, the proceeds of a PPP loan can be used to: (1) wage costs (2) interest payments on mortgage bonds close to the business for real estate or private property contracted before February 15, 2020 (but no advance or principal payment); (3) payments for corporate lease bonds for real estate or private property under a lease agreement in effect before February 15, 2020; and (4) electricity, gas, water, transportation, telephone or Internet access services for which service began before February 15, 2020.
On October 8, SB issued new guidelines to simplify the forgiveness of PPPs for loans of $50,000 or less, provided that the borrower and his associated businesses do not receive P3 loans totalling $2 million or more. Our online application supports the new form 3508S as well as forms 3508EZ and 3508.