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The updated PPP forgiveness guidance and application are now available.
 
The SBA now has two separate applications for PPP forgiveness including a Standard Application with instructions and a shortened EZ Application with instructions, if eligible. To be eligible for the PPP Forgiveness EZ Application you must be able to meet one of the below conditions:
 
  
Recent PPP Forgiveness Changes:
  • Your business now has 24 weeks to spend PPP loan funds (up from the original 8 week period). Importantly, you are still allowed to use the original 8-week period if you prefer for your forgiveness application.
  • Your business now must use at least 60% of PPP loan funds on payroll (down from the original 75% requirement for payroll). The remaining 40% has to be spent on approved non-payroll expenses.
  • The deferral period for payments of principal, interest, and fees on PPP loans has been deferred to the date on which the SBA remits the loan forgiveness amount to the lender, or, if you do not apply for loan forgiveness, 10 months after the end of your loan forgiveness covered period.
  • You now have until December 31 to fill positions if you’ve had layoffs. The prior timeframe was June 30 to rehire or fill vacant roles created due to layoffs.
  • Additionally, there are new exceptions to the program’s rehiring requirements. If your business is unable to fill vacant positions, you can still qualify for forgiveness on payroll amounts if you are able to document one of the following:
    • an inability to rehire any individual who was your employee on or before February 15, 2020, and an inability to hire a similarly qualified employee for each such unfilled position on or before December 31, 2020; or
    • your business has been unable to return to your pre-February 15, 2020 level of business activity due to compliance with certain government requirements for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19.
Application and Instructions:
Note:  SBA PPP loan number and lender loan number can be left blank. MMFCU will input that information into your application. 
 
 
EZ Application and Instructions:
Note:  SBA PPP loan number and lender loan number can be left blank. MMFCU will input that information into your application. 
 
 
 
 
Documentation Required for Forgiveness:

Payroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following:

  1. Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
  2. Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
    • Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
    • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
  3. Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount (PPP Schedule A, lines (6) and (7)).

FTE: Documentation showing (at the election of the Borrower):

  1. The average number of FTE employees on payroll per week employed by the Borrower between February 15, 2019 and June 30, 2019;
  2. The average number of FTE employees on payroll per week employed by the Borrower between January 1, 2020 and February 29, 2020; or
  3. In the case of a seasonal employer, the average number of FTE employees on payroll per week employed by the Borrower between February 15, 2019 and June 30, 2019; between January 1, 2020 and February 29, 2020; or any consecutive 12-week period between May 1, 2019 and September 15, 2019. The selected time period must be the same time period selected for purposes of completing PPP Schedule A, line 11. Documents may include payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941) and state quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.

Documents submitted may cover periods longer than the specific time period.

Nonpayroll: Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period.

  1. Business mortgage interest payments: Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
  2. Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
  3. Business utility payments: Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.
3 Steps for application submittal:
  1. Save the Loan Forgivenss application to your computer before filling it out
  2. Resave after completion
  3. Upload the Loan Forgiveness application and supporting documents securely using the form below
All applications require supporting documents with requested information being easy to identify. Missing or disorganized supporting documents will delay processing and impact forgiveness amount. If you are uploading multiple files please label them (payroll, FTE, non-payroll, etc.)
 
 
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