Apply for Your PPP Loan Forgiveness
If you have an SBA PPP Loan through Wheelhouse, you may begin your forgiveness application through the Wheelhouse Forgiveness Portal. Based on the most recent updated Cares Act, you have 10 months after the end of your covered period to submit your loan forgiveness application.
To begin your PPP loan forgiveness application, please visit our new Forgiveness Application Portal here.
Please submit any questions regarding the PPP loan forgiveness process to Wheelhouse Credit Union via our online PPP Question Form.
A representative will reply as soon as possible.
What You Need to Begin Your Forgiveness Application
|In order to get your forgiveness application submitted as seamlessly and quickly as possible, please be ready with the following:
We also encourage you to visit the SBA’s website to determine which application to use, prior to beginning the forgiveness process in the portal. It may also be helpful to use the SBA application as a worksheet before accessing the portal. That way, you may simply copy the information from the worksheet into the online application.
Important: Please ensure your documentation numbers and totals match the numbers and totals on your worksheet/online application.
SBA Forgiveness Forms and Instructions
If you would like to fill out the SBA’s forgiveness form prior to completing the online application, please select the appropriate SBA form below and follow the instructions. You may use the completed form to help you quickly fill out and submit your online application.
You may access the recent FAQs, published by the SBA, here.
If you have any questions, please submit them through our PPP Question Form and we will respond accordingly.
The following are requirements, outlined by the SBA, that must be met to qualify for loan forgiveness on first round loans:
- All employees remain on payroll for eight (8) weeks
- 60 percent of funds are used for payroll and employee benefits
- Any remaining funds are used for rent, mortgage interest, or utilities
Currently, the SBA is only accepting applications from participating community financial institutions (CFIs) which generally serve low-income communities. Once the SBA opens the portal to all participating lenders, you will be able to access our application portal at WheelhouseCU.com/ppp.
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized use.
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
A previously established membership is not required. However, if one does not already exist, applicants will need to establish a new membership to apply and receive funds through Wheelhouse Credit Union. Businesses located (have a business address) in San Diego County are eligible.
All information has been gathered from the SBA website at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-0. For additional information please visit their website.