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Paycheck Protection Program

CapEd is no longer accepting new applications for PPP loans. Please find below information pertaining to the PPP loan forgiveness processes that have been established for existing CapEd PPP borrowers.

PPP Loan Forgiveness

Borrowers who utilized their PPP funds during the covered period as specified by the SBA are eligible for up to 100% forgiveness of the principal loan amount. In order to receive 100% forgiveness, the following qualifications must be met:

  • No less than 60% of the funds must have been used on payroll expenses during the covered period, with no more than 40% of the funds being used on qualified non-payroll expenses.
  • The number of Full-Time Equivalent (FTE) employees was not reduced by more than 25%
  • Employee annual salaries or hourly wages were not reduced by more than 25%

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.

There are currently three application forms for borrowers seeking loan forgiveness. Click here for additional PPP Loan Forgiveness information and the three (3) forms businesses can use to seek loan forgiveness.

Click here for additional information about PPP Loans. PLEASE NOTE information is likely to change as Congress and the SBA make final rules.

If, after carefully reviewing the information, you have any questions please contact the Commercial Lending team by calling 208-884-0150 ext. 6747 or emailing businesslending@capedcu.com.

Disclosures

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

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