SBA’s Paycheck Protection Program (PPP) Loans
The process of applying for forgiveness for any PPP loans processed through LutheranFCU hopefully will be easier than you might have experienced with any other institution. As in the initial application, everything will be done online through the Loan Street portal. Once your organization becomes eligible for forgiveness (8 weeks after disbursement), an email was or will be sent to the email of record on the application. The email will contain a link to the online application for forgiveness for your organization. You also may go directly to the Loan Street website (https://www.loan-street.com/) and login with your credentials. If you have troubles, please do not hesitate to contact the Loan Street support staff directly at email@example.com.
Once you have logged in, you will find that some information has been pre-filled for you. Hopefully that is another step that makes it easier for you.
Please note the following realities. First, under the PPP Flexibility Act, organizations have up to 24 weeks to use the received PPP funds. Second, please note that this same act gives lenders up to 60 days to process the forgiveness applications. Assuming that all required information is submitted and is accurate, it is our promise that LutheranFCU will not take that long. More importantly, please note that this act also gives the SBA up to 90 days to review the forgiveness application. In other words, things may not happen quickly on the government’s end. However, assuming that the loan is totally forgiven, no interest accrues for your organization.
We are here to assist you in any way that we can as we continue through this process. If you have questions, please direct them to firstname.lastname@example.org
New guidance from the SBA as of June 25, 2020:
If you have questions regarding the SBA PPP Loan, please email SBA@Lutheranfcu.org