SBA Paycheck Protection Program (PPP)
Small Business Loan Assistance
Updated August 14, 2020
We're putting a temporary pause on accepting new applications through our PPP Loan Forgiveness Application Portal.
Legislation proposing a simple attestation for all PPP borrowers with loans under $150,000 is currently being reviewed by Congress. Should this proposed bill pass and be signed into law, the Small Business Administration (SBA) will need to provide additional PPP loan forgiveness application forms and guidance to both borrowers and lenders. We ask for your patience during this time as we expect these potential changes to greatly benefit the majority of our PPP borrowers. Please note that the PPP guidelines gives borrowers 10 months from the end of their designated covered period to apply for PPP loan forgiveness.
If you have already submitted a PPP loan forgiveness application, we are currently reviewing submitted applications for completeness based on the program's current guidelines. Please note that lenders have 60 days upon receiving a completed PPP loan forgiveness application to submit their recommendation to the SBA. The SBA has 90 days to render their final decision on the amount they will forgive.
Once the proposed legislation is finalized and our PPP Loan Forgiveness Application Portal has been updated to reflect the changes, BECU Business Services will email all borrowers to inform them of the portal's availability.
Please review the Forgiveness FAQ for a list of required supporting documents to be submitted with your forgiveness application.
You will be entering information required from the applicable form into the forgiveness application portal.
Loan Forgiveness Application Steps
We are not currently accepting forgiveness applications
PLEASE NOTE: The following steps reflect the forgiveness application process based on the current legislation. We are continuing to monitor the status of proposed changes that may alter the process, documentation requirements, and application forms. The following information below is for your reference only.
- Access BECU's PPP loan forgiveness portal
- Enter the SBA loan number or Lender loan number and PPP loan amount to log into the portal
- Validate or update the existing application information
- Complete all required fields
- Complete the online workbook or manual data entry for the forgiveness calculation
- Upload supporting documentation
- Review and e-sign the automatically generated forgiveness application
- Submit your completed forgiveness application
About Loan Forgiveness
Please note: these FAQs are not intended as legal advice nor as an official interpretation of the rules. Due to the complexities of the program, we may learn of inaccuracies to our current understanding. We will update these FAQs to the best of our ability as new information becomes available.
We appreciate your patience and understanding while the details surrounding forgiveness are being finalized by the SBA.
About BECU PPP Submissions
- COVID-19 Resource Page (BECU)
- Financial Relief: How we can help (BECU)
- EIDL Emergency Advance Loan
- Directory of Local Chambers of Commerce
- Paid Leave for Workers and Tax Credits for Small and Midsize Businesses
- U.S. Small Business Administration website (SBA)
- Washington Department of Revenue Offers Business Relief
- Working Washington Small Business Emergency Grant program
- COVID-19 Resources for Washington Small Businesses
- Coronavirus Emergency Loans Small Business Guide Checklist (PDF) prepared by the U.S. Chamber of Commerce