Loan Forgiveness Center
Forgiveness for 2021 PPP Funded Loans
Welcome to RCU’s Paycheck Protection Program’s (PPP) Loan Forgiveness Center and thank you again for choosing Redwood Credit Union to support your PPP loan through the Small Business Administration (SBA).
We’re here to help you and your business every step of the way during these trying times. If you received your SBA PPP loan through RCU, you’ll also need to submit your forgiveness request through us too. Please note, we’re not participating in the SBA’s direct forgiveness portal to ensure you get high quality service and support. Our dedicated team of PPP experts is ready and available to assist you. Our involvement will not add additional time to the application process.
Important: Our priority is to provide the highest efficiency and service to you and your business, so we’ll be inviting applicants in waves to ensure we are able provide you a personalized, quality Member experience. We will be inviting your business soon. Invites will be prioritized by applications that are due first. How do I identify my PPP forgiveness application deadline?
We are continuing to update our website and will email you about all updates and announcements. To learn how you can better prepare for your PPP forgiveness application, select the PPP loan option that fits your business.
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The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content and materials on this site are for general informational purposes and are intended solely to help applicants navigate the requirements of the SBA PPP loan program.
Please be aware that additional guidance may be provided by either or both agencies at any time, and it may directly impact whether a loan is forgiven in whole or in part. Redwood Credit Union is striving to stay on top of further guidance as it is issued from the SBA. The information contained in this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program, including guidance issued by the U.S. Small Business Administration (SBA) on March 3, 2021. We will periodically update this information, so please check back often.
The information on this website may not constitute the most up-to-date legal or other information.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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