Supporting REALTORS^® by facilitating PPP loans.

Click here to access our PPP forgiveness portal. Once your application and supporting documents have been received, our team will review and provide you with status updates as your application is sent to the SBA for forgiveness.

1. Gather necessary documentation:
   • If you run payroll and have a third-party payroll provider:
     • Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employee.
     • Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
       • Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
       • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
     • Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount.
   • If you file taxes as a sole proprietor, single-member LLC, or do not run payroll:
     • Bank statements for the covered period including the initial disbursement through the distribution of funds.
       • e.g. statements for the covered period showing the inflow and outflows of the PPP funds from your account.
     • Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount.
2. Refer to the U.S. Treasury’s latest FAQs for more information.
3. Upload your documents to CARFCU’s PPP Forgiveness Portal.
4. After submission, retain a copy of documentation for your own records.

First Draw PPP Loan forgiveness terms
First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

• Employee and compensation levels are maintained
• The loan proceeds are spent on payroll costs and other eligible expenses; and
• At least 60% of the proceeds are spent on payroll costs

Second Draw PPP Loan forgiveness terms
Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

• Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
• The loan proceeds are spent on payroll costs and other eligible expenses; and
• At least 60% of the proceeds are spent on payroll costs

Yes, PPP Forgiveness applications must be submitted to CARFCU through our forgiveness portal. CARFCU does not participate in the Direct Forgiveness process with SBA.

The CARFCU PPP team will reach out to you with updates to your application. If you would like to check on the status of your loan forgiveness application, please reach out to us via email at: ppp@carfcu.org or at our PPP Hotline: (240) 451-9545.

Once a loan forgiveness application is received, CARFCU has 60 days to submit a decision to the SBA, using the SBA’s PPP Forgiveness Platform. The SBA then has 90 days to make a decision and remit forgiveness funds to CARFCU.

Please reach out to us via email at: ppp@carfcu.org or at our PPP Hotline: (240) 451-9545.