The Paycheck Protection Program was a major component of the recently enacted CARES Act. Many credit unions have reached out to the Association for guidance on how to become an SBA lender for PPP purposes. Below is a compilation of resources and information to help credit unions navigate this process. Additional information will be added as the Association receives it.
- PPP Loan Forgiveness Application Form 3508S (for loans less than $50,000)
- PPP Loan Forgiveness Application Form 3508S Instructions For Borrowers
- Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules
- SBA Paycheck Protection Program (PPP) Credit Union Onboarding Webinar, April 23:
- pdf SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application (293 KB)
- Instructions for setting up a SBA User account with CAFS
- pdf SBA Procedural Notice - Paycheck Protection Program Lender Processing Fee Payment and 1502 Reporting Process (205 KB)
- pdf PPP FAQ Updated 5-19-20 (135 KB)
- document Important. Colson 1502 Loan Reporting - Enrollment Instructions for Paycheck Protection Program (PPP) Lenders (22 KB)
- pdf Interim Final Rule - Paycheck Protection Program (PPP) - Loan Increases (74 KB)
- pdf PPP Latest FAQ 05-13-20 (132 KB)
- pdf PPP IFR regarding Eligibility Criteria (92 KB)
- PPP FAQs as of 5/6/2020
- pdf A Message from the SBA's IT Department (4/29) (294 KB)
- Updated PPP FAQ (additional Q&A added 4/24)
- Treasury: How to Calculate Maximum Loan Amounts – By Business Type (4/24)
- Interim Final Rule on Requirements for Promissory Notes Authorizations Affiliation and Eligibility (4/24)
- Model Policy 7436: CARES Act – Small Business Administration (SBA) Loans
- Association Call to Action: Allow CUs to Participate in PPP as Borrowers
- pdf SBA Form 147 Note (69 KB) (PDF download)
- pdf SBA NYS Lender Relations Contact List (182 KB) (PDF download)
- pdf PPP FAQs as of 4/8/2020 (70 KB) (PDF download)
- SBA Paycheck Protection Program website
- SBA Connect/Paycheck Protection Lender Gateway
- Program overview (PDF download)
- Lenders: Additional information (PDF download)
- Borrowers: Additional information (PDF download)
- PPP Borrower Application Form (Updated 4/2/20 - PDF download)
- PPP Lender Application Form (PDF download)
- Paycheck Protection Program – Interim Final Rule (PDF download)
- Paycheck Protection Program – Interim Final Rule on Affiliation (PDF download)
- Paycheck Protection Program – Applicable Affiliation Rules (PDF download)
- Find an eligible lender
- SBA Standard Loan Note (Form 147) (PDF download)
- FinCEN Updates: Paycheck Protection Program Frequently Asked Questions
- pdf Guidance for Paycheck Protection Program (PPP) loan applications from sole proprietorships and independent contractors (83 KB)
- PPP Loan Forgiveness Application Form EZ Instructions (Revised 06.16.2020)
- PPP Forgiveness Application 3508EZ (Revised 06.16.2020)
- PPP Loan Forgiveness Application (SBA Form 3508) Revised June 16, 2020
This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. All Borrowers must submit (1) and (2) to their Lender.
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