As part of the response to COVID-19, the federal government has also been offering forgivable Paycheck Protection Program loans to qualified small businesses through local lenders. Funding remains available for additional loans, so members who qualify and have not yet received a loan can still apply. 

Under recently approved legislation, the timeline for using the funds was extended to six months and the portion that has to be used for payroll costs was reduced to 60%, making it easier to qualify for full loan forgiveness.

Members who have already been approved for loans should be aware that the federal government recently released a simplified loan forgiveness application. It’s much shorter than the original application and requires borrowers to submit less data to receive forgiveness of their loan. 

Loan Forgiveness Application Form EZ. Form EZ Instructions.