SBA Paycheck Protection Program (PPP)
Small Business Loan Assistance
Updated October 16, 2020
For members with current PPP loans, our forgiveness portal will be available on an invitational basis. Over the next few weeks PPP borrowers will receive an email inviting them to apply in the order which their loan was funded. You may apply for forgiveness once you have received your invitation email, and once you have used all of the PPP loan proceeds for which you are requesting forgiveness.
The SBA has released a more simplified Forgiveness Application form for loans under $50,000. Please see the below FAQs for more information.
If you have already submitted a PPP loan forgiveness application, we are currently reviewing submitted applications for completeness based on the program's current guidelines. Please note that lenders have 60 days upon receiving a completed PPP loan forgiveness application to submit their recommendation to the SBA. The SBA has 90 days to render their final decision on the amount they will forgive. Requests for additional information and status updates will be sent to the email address on file.
Please review the Forgiveness FAQ for a list of required supporting documents to be submitted with your forgiveness application.
You will be entering information required from the applicable form into the forgiveness application portal.
- PPP Loan Forgiveness Application (PDF) and PPP Loan Forgiveness Application Instructions
- PPP Loan Forgiveness Application - EZ Form (PDF) and PPP Loan Forgiveness Application - EZ Form Instructions
- PPP Loan Forgiveness Application—Loans under $50,000 and PPP Loan Forgiveness Application—Loans under $50,000 instructions
Loan Forgiveness Application Steps
We are currently accepting forgiveness applications from our PPP borrowers who have received an invitation to apply.
PLEASE NOTE: The following steps reflect the forgiveness application process based on the current legislation. We are continuing to monitor the status of proposed changes that may alter the process, documentation requirements, and application forms. The following information below is for your reference only.
- Access BECU's PPP loan forgiveness portal by clicking the link in your invitation email
- Enter the SBA loan number or Lender loan number and PPP loan amount to log into the portal
- Validate or update the existing application information
- Complete all required fields
- Complete the online workbook or manual data entry for the forgiveness calculation
- Upload supporting documentation
- Review and e-sign the automatically generated forgiveness application
- Submit your completed forgiveness application
About Loan Forgiveness
Please note: these FAQs are not intended as legal advice nor as an official interpretation of the rules. Due to the complexities of the program, we may learn of inaccuracies to our current understanding. We will update these FAQs to the best of our ability as new information becomes available.
We appreciate your patience and understanding while the details surrounding forgiveness are being finalized by the SBA.
About BECU PPP Submissions
- COVID-19 Resource Page (BECU)
- Financial Relief: How we can help (BECU)
- EIDL Emergency Advance Loan
- Directory of Local Chambers of Commerce
- Paid Leave for Workers and Tax Credits for Small and Midsize Businesses
- U.S. Small Business Administration website (SBA)
- Washington Department of Revenue Offers Business Relief
- Working Washington Small Business Emergency Grant program
- COVID-19 Resources for Washington Small Businesses
- Coronavirus Emergency Loans Small Business Guide Checklist (PDF) prepared by the U.S. Chamber of Commerce