KCCU is committed to helping our business members navigate PPP loan forgiveness.
PPP Forgiveness is now available
If you took advantage of the PPP Loan you may have questions on the next steps for loan forgiveness. Below are resources to help you through the process and feel free to reach out to KCCU with any questions you may have.
Resources & Applications
- Forgiveness Checklist
- PPP Loan Forgiveness Instructions/Eligibility
- Loan Forgiveness Application 3508S ($150,000 or less)
- Loan Forgiveness Application 3508EZ
- Loan Forgiveness Application 3508
Submit your PPP forgiveness documentation using any of the following secure methods:
- Upload via Send My Docs
- Fax to (269)-213-8852, Attn: Business Services
- Mail to P.O. Box 140, Battle Creek, MI 49016-0140, Attn: Business Services
- Deliver to any one of our Kellogg Community Credit Union branches, Attn: Business Services
Important Updates & Reminders
KCCU has gathered what we deem to be very important updates and/or reminders to the PPP loan offered through the Cares Act. We encourage all our members to visit the SBA website for a complete explanation on PPP loans and the forgiveness process.
- Employee salary eligibility remains capped at $100,000.00
- Congress passed legislation extending the usage period from 8 weeks (June 30, 2020) to 24 weeks (December 31, 2020).
- The amount allowed for non-payroll uses (rent/utilities) of PPP loan funds increased from 25% of the loan to 40%.
- The required amount allocated towards payroll expenses decreased from 75% to 60%
- Repayment terms extended from two years to five years for applications after June 5.
- All loans remain at an interest rate of 1%
- Forgiveness may not be affected by a reduction in employees if the borrower is able to document an inability to rehire individuals, to hire similarly qualified employees, or to return to the same level of business activity as it was operating at before February 15, 2020
- Lender has up to 60 days from the time the member completes the application to submit the request to the SBA for forgiveness.
- If you received an EIDL Advance in addition to the PPP loan, that amount will be subtracted from the forgiveness amount of their PPP loan.
Need further assistance?
If you have questions or need additional business relief assistance, please call 269-968-9251.