How to Apply for

PPP Loan Forgiveness

Point West PPP Borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest, rent, or utilities during either the 8- or 24-week period after disbursement.

Borrowers can apply for forgiveness once they have used all loan proceeds for which the borrower is requesting forgiveness. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and borrowers will need to begin making loan payments to Point West.

Regarding Latest Round of PPP Loan Funding

After much consideration and with a heavy heart, Point West has made the decision not to accept new applications for the latest round of Paycheck Protection Program (PPP) loans. We simply do not believe with our current resources and critical initiatives, as well as the lack of support and communication from the Small Business Administration (SBA), that we can provide the level of service that our small business members deserve when it comes to this program.

We truly appreciate your understanding of this difficult decision. As always, you can reach our small business team at [email protected] for additional questions or concerns.

1. Complete your forgiveness application

For PPP borrowers, forgiveness applications are processed using either the SBA Form 3508, SBA Form 3508EZ, or SBA Form 3508S. The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements. Based on the size of loans with Point West, our PPP borrowers should use the 3508S form.

Click here to access the SBA Form 3508S Forgiveness Application

2. Submit the forgiveness form and documentation to Point West Credit Union

Complete your loan forgiveness application and submit it to Point West to [email protected].

Please reference your Business Name in the subject line.

Email us your form

3. Continue to communicate with Point West throughout the process

Point West will review applications in the order they are received and how complete the submission is (i.e., missing supporting documents could delay your application’s review). Due to the number of applications that will need to be processed, it may take up to 15 business days (or 3 weeks) for Point West to review your application. We appreciate your patience as we work to process applications as quickly as possible.

If the SBA undertakes a loan review of your loan, Point West will notify you of the review and the SBA loan review decision. You have the right to appeal certain SBA loan review decisions. Point West will notify you of the forgiveness amount paid by SBA and the date on which your first payment will be due, if applicable. Please note, borrowers are required to retain certain documents for six years after the date the loan is forgiven or repaid in full.

More Questions?

The Point West team is here to help. You can reach us at [email protected] and we will respond as soon as possible.

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