SBA Direct Forgiveness Platform
The Small Business Administration launched a new portal to help expedite the processing of forgiveness requests for PPP loans of $150,000 or less.
Forgiveness applications can be submitted directly here. The application can be completed in less than 5 minutes by following the instructions provided by the SBA.
Payroll Protection Program (PPP) Update
The SBA announced on 5/5/21 that Paycheck Protection Program funding had been exhausted, therefore, Coastal1 Credit Union is no longer accepting PPP loan applications.
Below, find some important information regarding PPP loan forgiveness.
If you have any questions about the forgiveness process, please do not hesitate to contact us at 401-729-5754.
Paycheck Protection Program Loans $150,000 or less
All loans of $150,000 or less should utilize new SBA forgiveness requests portal.
The application can be completed in less than 5 minutes by following the instructions provided by the SBA.
PPP Loans greater than $150,000
How and when to apply for loan forgiveness
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
How does the forgiveness application process work?
Use our secure portal to upload your application and required documentation. Our lenders are available to help answer any questions you have about the process and help walk you through the necessary steps. Once your application is submitted, we will perform our initial review and reach back out to you if anything is incomplete or if any additional documentation is required.
You will find the appropriate application below.
Once the application is completed, print the completed application, sign it, scan the signed application and upload the signed application as a PDF along with any additional required supporting documentation to our secure document portal under the tab labeled “Upload Loan Documents”.
If you have any questions regarding this process, please contact your Coastal1 loan officer. Once you have completed the forgiveness application and have all of the required documentation, your paperwork can be uploaded through using the tab labeled “Upload Loan Documents” below or can be mailed to Coastal1 Credit Union headquarters at 1200 Central Avenue, Pawtucket, RI 02861.
If you borrowed more than $150,000 you should download and use SBA Form 3508.
Upload the signed application as a PDF along with any additional required supporting documentation here: