To be eligible for full loan forgiveness, PPP borrowers will have to spend no less than 60% of the funds on payroll over a covered period which can range from 8-24 weeks. PPP borrowers may receive a loan amount of up to 2.5 times their average monthly payroll costs in the year prior to the loan or the calendar year, with a maximum loan amount of $2 Million. PPP borrowers with NAICS codes starting with 72 (hotels and restaurants) can get up to 3.5 times their average monthly payroll costs, again subject to a $2 million maximum.
The current PPP Loan Forgiveness Application is still open. Below is a link to our secure online PPP forgiveness application, when you are ready to apply:
Once there you will be directed to request a link for your unique Loan Forgiveness Application. For security purposes, you will need the following information to begin the PPP Forgiveness questionnaire:
If you have any difficulty locating this information, please contact us at BusinessServices@vermontfederal.org, and we would be happy to assist. Upon submission, you will be provided with information to allow you to log in anytime to check the status of your application. Once we have received a completed forgiveness package, the Credit Union will have 60 days to review the application and issue a decision on loan forgiveness. We will be in touch throughout the process with any questions as well as to communicate the final forgiveness amount.