PPP Loan Forgiveness Portal Now Open
As your local Credit Union, we’re here to help you, regardless of circumstance. We are proud to have helped nearly 300 businesses apply for Paycheck Protection Program (PPP) loans and we are here for you through the loan forgiveness process.
The PPP Loan Forgiveness Portal is now open through an online software portal hosted by Vikar Technologies. We have emailed members instructions and login details. As always, contact our dedicated Commercial Loan Officers at 800.865.2612 ext 287 or email us with questions. We’re here to help!
Use the 3508S Application for PPP loans under $50,000.
Prepare in Advance
You should take the following measures to prepare the supporting application information in advance. Your requested forgiveness amount should be identified and calculated before entering the Vikar portal. You should also assemble supporting payroll and nonpayroll documentation in advance. This will aide in maximizing your forgiveness amount and reduce the time necessary to complete and submit your application through the portal.
- Read the instructions for whichever applicable SBA form pertains to your application (either the full SBA Form 3508 or 3508EZ). To determine which form is applicable, refer to the “Checklist for Using SBA Form 3508EZ” identified within the first page of Form 3508EZ instructions.
- Accumulate the data and documentation required per the Form 3508 or 3508EZ instructions in advance. The data fields within the portal correspond directly to these forms.
- If you have employees and use a Third-Party Payroll provider, request a CARES Act Forgiveness payroll report which may eliminate certain documentation requirements and contain most information needed to populate data corresponding to Form 3508 Schedule A and Schedule A Worksheets.
- Consult your accountant or other advisors for support as needed.
What to Expect
The system will guide you through the process to enter and upload required information per the established program rules and regulations. The time burden to complete the application is approximately 45-60 minutes if the supporting documentation and information is assembled in advance.
We will submit a recommended decision to SBA within 60 days of receiving a complete application. The SBA will then complete a secondary review and final decision within 90 days of receiving our recommendation. Overall, it may take up to 150 days to receive a final decision regarding forgiveness. SBA will automatically reduce the requested forgiveness amount by the amount of any EIDL advance taken by the company.
We may request additional information if errors are identified or if the application does not correspond with the documentation submitted. A representative of our team will notify you via email to revisit the Vikar portal to remedy such issues. If missing or incomplete information cannot be remedied, the forgiveness request may be partially approved or denied.
We will provide the final disposition of your forgiveness request in writing when the decision process is complete.
Please be advised that SBA may conduct an audit of your PPP Loan files at any time in SBA’s discretion up to six (6) years after the loan is forgiven or paid in full. If necessary, we will notify you and outline any required information to satisfy SBA’s review requirements. If SBA chooses to audit your forgiveness application while under our review, a decision regarding your application cannot be finalized until the SBA audit is complete.
Forms are subject to updates and changes by the SBA as the process evolves. For more information on assistance programs available through the SBA, visit sba.gov.