Paycheck Protection Program Loans

Funding for the Paycheck Protection Program (PPP) Loans has now been exhausted.  The information below pertains to PPP Loan Forgiveness! Please email any questions you may have to PPP@cityofbostoncu.com, or call or visit any of our branch locations!

 

First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60% of the proceeds are spent on payroll costs

To apply for loan forgiveness:

1. Contact City of Boston Credit Union at PPP@cityofbostoncu.com and complete the correct form:

Forgiveness Application forms are located at the SBA Website, as well as linked here: SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S.

The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements. 

2. Compile your documentation:

Payroll (provide documentation for all payroll periods that overlapped with the Covered Period or the Alternative Payroll Covered Period):

  • Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees
  • Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
  • Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
  • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state
  • Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount
  • Non-payroll (for expenses that were incurred or paid during the covered period and showing that obligations or services existed prior to February 15, 2020):
  • Business mortgage interest payments: Copy of lender amortization schedule and receipts verifying payments, or lender account statements
  • Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments
  • Business utility payments: Copies of invoices and receipts, cancelled checks or account statements

This list of documents required to be submitted to City of Boston Credit Union is not all-inclusive.

3. Submit the forgiveness form and documentation to PPP@cityofbostoncu.com:

Complete your loan forgiveness application and email it to PPP@cityofbostoncu.com or drop off at any branch location with the re­quired supporting documents and follow up with CBCU to submit additional documentation as requested. Contact City of Boston Credit Union at  PPP@cityofbostoncu.com with any questions you may have!

Please note: PPP Loan Forgiveness process takes approximately 90 days for Small Business Administration (SBA) to review and approve!

Disclaimer
City of Boston Credit Union is not responsible for delays or eligibility issues.  Eligibility requirements are mandated by the government.   Must be eligible for City of Boston Credit Union membership to apply. Due to high volumes, processing times may be longer than usual. Loans are subject to a credit review, approval, and the availability of funds.  Eligibility requirements and guidelines are subject to change.  Forgiveness is not guaranteed, funds must be spent according to the program rules.