Forgivable Uses of Funds
Additional covered expenses are eligible for forgiveness, and a simplified forgiveness process will be available for loans of $150,000 or less. Business expenses eligible for loan forgiveness include:
Covered payroll and other expenses. No changes to the original covered expenses, which included payroll costs, mortgage interest, rent and utilities.
Covered operations expenditures. Payment for any software, cloud computing, and other human resources and accounting needs.
Covered property damage costs. Costs related to property damage due to public disturbances that occurred during 2020 that are not covered by insurance.
Covered supplier costs. Expenditures to a supplier pursuant to a contract, purchase order or order for goods in effect prior to taking out the loan that are essential to the recipient’s operations at the time at which the expenditure was made. Supplier costs of perishable goods can be made before or during the life of the loan.
Covered worker protection expenditures. Personal protective equipment and adaptive investments to help a loan recipient comply with federal health and safety guidelines or any equivalent State and local guidance related to COVID-19 during the period between March 1, 2020 and the end of the national emergency declaration.
Apply for Loan Forgiveness
Based on the CARES Act, PPP loans may be eligible for forgiveness. The Borrower may not be responsible for repayment of the loan if the funds are used for forgivable expenses. Lenders will follow SBA guidance to determine the amount that is forgivable and will require an application with supporting documentation and/or certifications, depending on the amount of your PPP loan.
For more information or to apply for loan forgiveness, visit our PPP Loan Forgiveness page.
Protecting Your Business Against Fraud
We take privacy seriously and will never publicly disclose the names of our clients, nor the nature of their business, unless required by law. However, the SBA has been required to disclose information related to your PPP loan. When information like this is made public, it creates an opportunity for fraudsters. If you receive an offer or advice related to your PPP loan that sounds too good to be true, it is probably a scam. To help avoid fraud or scams be sure to:
Protect your information and only share sensitive information with sources you trust.
Fully examine an email message and sender before opening any included links or other content. Updates that you receive during the application process will come from [email protected] and Please make sure that your email settings will allow receipt from these addresses.
Be cautious of assistance for a fee. Maps Credit Union does not charge a fee for processing PPP loan or forgiveness applications.
If you suspect fraud, contact us immediately at 503-588-0181 or 800-688-0181.
For Additional Information
- Sign into the application portal and visit the Knowledge Center, a robust tool to help guide you through all steps of the forgiveness process.
- Talk with your accountant or legal counsel if you have questions regarding your taxes, payroll records or business operations.
- Visit SBA PPP Website or U.S. Treasury Assistance for Small Businesses
PPP loans are subject to SBA eligibility and program guidelines which may change at any time. In the event of any discrepancies between the information on this site and the SBA's site, please follow official SBA guidance. Maps Credit Union is unable to provide tax or legal advice.