We have recently launched our PPP Forgiveness Portal, and wanted to share information on how to begin the forgiveness process.
For next steps:
Please contact our PPP team if you have any questions.
SBA PPP TEAM
Capital Area REALTORS® FCU
PPP Hotline: (240) 451-9545
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.
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:
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:
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: firstname.lastname@example.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: email@example.com or at our PPP Hotline: (240) 451-9545.
All members must first enroll in our new Mobile Banking App