The Small Business Administration (SBA) Paycheck Protection Program (PPP) funding is designed to prevent workers from losing their jobs and support small businesses that experienced disruptions due to COVID-19. As of May 5, 2021, new SBA PPP loan applications will no longer be accepted by Farm Credit of the Virginias. Please note, this does not impact processing of PPP loan forgiveness applications.
PPP LOAN FORGIVENESS
Those who receive and use PPP loan funds may apply for loan forgiveness. You have 10 months after the end of your covered period to apply. You may wish to consult an accountant or tax advisor to help decide when it is best to apply for loan forgiveness, however, you should be aware that there can be delays in application review by SBA.
- PPP loans of $150,000 or less – Borrowers will need to sign a one-page attestation that they used funds appropriately and followed program rules by completing the SBA Form 3508S. The forgiveness application will need to be fully completed prior to our review and submission to SBA.
SBA Form 3508S - S Loan Forgiveness Application
- PPP loans greater than $150,000 – Borrowers will need to go through a process similar to what was in place prior to the December 27, 2020 relief act using one of the application forms. The forgiveness application will need to be fully completed prior to our review and submission to SBA.
SBA Form 3508 - Loan Forgiveness Application (long form)
SBA Form 3508EZ - EZ Loan Forgiveness Application
FOR MORE INFORMATION
To learn more about the SBA PPP, please visit the SBA website.
WHO DO I CONTACT REGARDING AN EXISTING SBA PPP LOAN THROUGH FARM CREDIT OF THE VIRGINIAS?
Contact your loan officer or call us at 1-800-919-FARM (3276).