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Voyage Federal Credit Union
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PPP Forgiveness Update

Voyage is still here to assist you however we can with small business Paycheck Protection Program (PPP) loans. The Small Business Administration (SBA) and Treasury have announced simpler PPP forgiveness for loans of $50,000 or less. 

This means the PPP forgiveness process has been streamlined to provide better relief for small businesses.

When Can I Apply?

SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications.

Voyage will be reviewing applications as we receive them and will notify you if we feel additional information may be needed. Voyage has up to 60 days to decide on forgiveness and pass it on to the SBA. After that, the SBA may take up to 90 days before issuing forgiveness payments.

payment-protection-program

How to Apply

Please view the instructions for completing the simpler loan forgiveness application and then apply here. 

For more details on the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less, click here

Forms

The 3508, 3508EZ, & 3508S currently have expiration dates for 10/31/2020, however, the SBA has advised that PPP participants should continue to use expired forms. The expiration date IS NOT the last date you can apply for forgiveness. 

EIDL Advance

If you received an EIDL Advance, that amount will be deducted from your remitted forgiveness payment. We will contact borrowers once the forgiveness amount has been remitted and notify of the remaining loan balance, payment due date, and payment amount. Your remaining balance will be amortized over 2 years and payments will begin approximately 45 days after the remitted forgiveness amount is applied.

Thank you for choosing Voyage to help with your Paycheck Protection Program loan forgiveness. We are happy to serve you during these difficult times. Please contact our PPP team with any questions you may have. 

Lance Junso

Mortgage/Business Services Officer

NMLS #1575119

605.977.5722

Erin Sietsema

Mortgage/Business Services Officer

NMLS #1979384

605.977.5735

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