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Paycheck Protection Program Loan Forgiveness Information

CapEd is using an online platform to centralize our forgiveness application process. If you would like to apply for forgiveness, please send an email to businesslending@capedcu.com to request the link to your application. We are not accepting any applications outside of our platform. Please do not send us any paper or digital copies of an application without contacting us first.

Form 3508S

This form is for borrowers with loan amounts of $150k or less. This form does not require borrowers to submit any supporting documentation for First Draw loans, but does require the submission of the revenue reduction documentation for Second Draw loans. Borrowers will certify:

  • The number of employees at the time the borrower applied for the PPP and the number of employees at the time of forgiveness.
  • The amount of the loan proceeds that were spent on Payroll Costs.
  • The amount that the borrower is requesting to be forgiven.

Form 3508EZ

This form is for borrowers with loan amounts above $150k that can certify at least one of the following:

  • The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, "employees" means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);
    AND
    The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period.
    • Ignore reductions that arose from an inability to rehire individuals who were employees on February 15, 2020 if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020 (or, for a PPP loan made after December, 27 2020, the last day of the Covered Period.)
    • Also ignore reductions in an employee's hours that the Borrower offered to restore and the employee refused. See 85 FR 33004 , 33007 (June 1, 2020) for more details.
  • The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period (as defined below) compared to the period between January 1, 2020 and March 31, 2020 (for purposes of this statement, "employees" means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);
    AND
    The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 (or, for a PPP loan made after December 27, 2020, requirements established or guidance issued between March 1, 2020 and the last day of the Covered Period) by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.

This form requires that you provide documentation to support your payroll expenses during the covered period and verify the amount of FTE employees on your payroll as of January 1, 2020.

Form 3508

This form is for borrowers with loan amounts above $150k that do not qualify to use Form 3508EZ. Borrowers are required to submit the following:

  • PPP Schedule A & Schedule A Worksheet
  • Payroll documentation during the covered period
  • FTE employee documentation including:
    • FTE employee documentation during the covered period
    • FTE employee documentation during one of the time periods:
      • February 15, 2019 through June 30, 2019
      • January 1, 2020 through February 29, 2020
      • Any consecutive 12-week period between May 1, 2019 and September 15, 2019 (seasonal employers only)
Disclosures

All Paycheck Protection Program loans are subject to credit approval and program guidelines.

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