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Paycheck Protection Program Loan Forgiveness

Assisting local businesses

Thank you for allowing Valley Strong Credit Union and our Business Banking team to assist you with your recent SBA Payment Protection Program (PPP) Loan.

We know many of you are ready to start the PPP loan forgiveness process. Our Business Banking team is ready to support you and your business during these trying times. We understand business owners are under a lot stress, so we want to assist you through this time of uncertainty.

The SBA has released PPP Loan Forgiveness Application – Form 3508EZ (short version) and Form 3508 (long version). To streamline this process, Valley Strong Credit Union has partnered with Lendio and their PPP loan forgiveness software to help facilitate the application process.

Valley Strong is implementing a phased approach to accepting and processing PPP loan forgiveness applications based upon the date that a Member’s PPP loan was funded. We will notify PPP borrowers via email from noreply@loanreliefppp.com when their PPP loan funding date is eligible to apply. The email message will contain a link to access the Forgiveness Application. You’ll be required to use a temporary password to access the system, which will be the last four digits of the SBA PPP loan number plus the last four digits of the applicant’s business tax ID or, for some borrowers, the last four digits of the social security number. If your CPA is working on the application on your behalf, please feel free to share this information.

Upon entering the site, you will be guided to the 3508EZ form or the 3508 long form, depending on 3508 EZ form eligibility.  The long form will require the Schedule A Excel Worksheet to be completed and uploaded into the portal. For specific SBA communications, documentation, and application form eligibility, please visit the Small Business Association's website.

Additional supporting payroll documents must be uploaded into the system. To prepare for the application, the following will be needed:

  • Detail Payroll Register to include hours worked and compensation (by employee).
  • Summary Payroll Register to include total hours worked and compensation.
  • Supporting documentation for Benefits (employer portion of paid retirement, health insurance, and state payroll taxes).
  • Non-Payroll costs supporting invoices (utilities, lease, rent, mortgage interest). 
  • Written offers of employment for rehire to retain FTE count. (FTE=Full Time Equivalent).
  • Bank statements showing payments (also applies to Independent Contractors).

Valley Strong understands you will have questions as you start this process. Please feel free to contact our Business Banking team at (661) 833-7530 or by email, ppploanrelief@valleystrong.com.

 

How To Get Started    Documentation Requirements