The ELCA Federal Credit Union is now accepting PPP Loan Forgiveness Applications

If your congregation or ministry received a Paycheck Protection Program (PPP) loan, it’s possible to apply to have your loan forgiven.

The ELCA Federal Credit Union now offers two ways to apply For PPP Loan Forgiveness:

1. Through SBA's new Direct Forgiveness Portal

PPP loan must be $150,000 or less to use this portal. Both First Draw and Second Draw Loans accepted.
You may access the SBA Direct Forgiveness Portal HERE
Direct Forgiveness Portal User Guide
SBA PPP Direct Forgiveness Hotline: +1 (877) 552-2692
Borrower FAQs on Direct Forgiveness

2. Through the ELCA Federal Credit Union Portal (follow instructions below)

Before you apply, please read the requirements listed here closely, and make sure you are applying for forgiveness after your covered period is over. Note that the definition of the covered period has recently changed.

The covered period—the period during which PPP loan recipients can spend funds and still qualify for loan forgiveness—has been expanded from 8 weeks to 24 weeks. To determine your covered period, add 24 weeks to the Loan Disbursement Date you’ll find on the SBA Standard Loan Note (Form 147) in the loan closing packet you received from the ELCA Federal Credit Union.
PPP loan proceeds must still be used for your payroll and eligible expenses. You may use as little as 60% of the loan amount on payroll and up to 40% on other eligible expenses. The earliest you can apply for loan forgiveness is after you have used all of your PPP loan proceeds on eligible expenses.
For PPP loans received through the ELCA Federal Credit Union, the end of your 24-week covered period will be no earlier than October 22, 2020. You may apply for loan forgiveness earlier if you so choose.

If your PPP loan was for more than $150,000, you’ll need to file Form 3508 (if you retained less than 60% of your pre-COVID staff) or Form 3508EZ (if you retained more than 60% of your pre-COVID staff). Please submit either form within 10 months of the end of the covered period or no later than October 31, 2021 for loans originated in 2020. During this period, be sure to:

Document each payroll transfer.
Use your PPP loan proceeds first, even if you are getting enough money for payroll from operations.
Keep your bank statements.
Keep your payroll registers.
Collect the required government documents, including any Form 941's from the covered period.
Collect utility bills, rent remittances and mortgage statements if you intend to use them.

All of these supporting documents must be submitted together with your Form 3508 or Form 3508EZ.

If your PPP loan was for $150,000 or less, you’ll need to file Form 3508S, which should be submitted within 10 months of the end of the covered period or no later than October 31, 2021. During this period, be sure to:

Document each payroll transfer.
Use your PPP loan proceeds first, even if you are getting enough money for payroll from operations.
Keep your bank statements.
Keep your payroll registers.
Collect utility bills, rent remittances and mortgage statements if you intend to use them.

All of these supporting documents must be submitted together with your Form 3508S.

Changes to the Paycheck Protection Program are happening regularly. We will continue to monitor those changes and update this site as they occur. Please be sure to check back often for the most current information available.

If you have any questions about the PPP Loan Forgiveness process, please email us at PPP@elcacu.org.

Helpful PPP Resources