Rio Grande Credit Union
Rio Grande Credit Union
PPP Loans

PPP Loan Forgiveness

Ready to apply for PPP Loan Forgiveness?
We’re ready to help.

Paycheck Protection Program Loan Forgiveness

PPP Loan Forgiveness Summary

  • PPP loans may be partially or completely forgiven if you meet certain Small Business Administration conditions.
    • In general, First Draw and Second Draw PPP loans made to eligible borrowers qualify for full forgiveness is during the 8- to 24-week covered period following disbursement:
      • Employee and compensation levels are maintained
      • The loan proceeds are spent on payroll costs and other eligible expenses; and
      • At least 60 percent of the proceeds are spent on payroll costs
  • If you received your PPP loan through RGCU, you will need to apply for forgiveness with RGCU.
  • RGCU will follow SBA guidance available at the time of submission to determine the forgivable amount.

Preparing To Apply?

Please follow the steps below to help prepare for your online forgiveness application with RGCU.


Step 1: Choose the forgiveness form that applies to your business.

  • There are three versions of the PPP Loan Forgiveness Applications and Instructions. We've included basic info about each form below, along with links to the forms and instructions for your reference. For more details about who can use which form, see our guide to choosing a PPP forgiveness form.
  • "S" Form: The "S" form is the simplest forgiveness form with the fewest calculations and least amount of documentation. Almost anyone with a total PPP loan amount of $150,000 or less can use the "S" form.
  • "EZ" Form: If you don't qualify to use the "S" form, you may be able to use the "EZ" form, which is another simplified form with fewer calculations than the "full" form.
  • "Full" Form: If you don't qualify to use the "S" or "EZ" forms, you'll need to use the "full" form. This form requires more calculations and documentation, but it can be used for all PPP situations.

Step 2: Decide the best time to apply, determine your covered period, and gather required documents.

  • Your business should carefully choose when to apply for forgiveness. Selecting the best timing for your business could help maximize the amount of any forgiveness.
  • Your loan forgiveness application will be subject to the rules in effect at the time you submit your application.
  • If needed, please consult with your accountant or financial advisor to determine if you should apply for forgiveness or wait.
  • The Covered Period begins on the date your loan originated and ends on the date of your choosing that is between 8 and 24 weeks after origination. Choosing an appropriate Covered Period will allow ample time to use PPP loan funds for eligible costs. It may also reduce the amount of documentation that you need to gather and submit. For example, if you have enough payroll costs to cover the full amount of loan forgiveness, you wouldn't need to provide non-payroll documentation.
  • Your accountant or financial advisor may be a valuable resource in choosing the best Covered Period for your business.
  • Review the instructions for the Form you plan to use to determine what documentation you will need to submit.
  • Documentation will need to be submitted for EACH item in the Payroll and Non-Payroll categories for ONLY the items that you are requesting forgiveness for.
  • If you choose the full form 3508, FTE documentation is also required.