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Here For Our Business Members

We continue partnering with our valued business members, helping them through the PPP forgiveness process.

Notice from the SBA on 05/05/2021:

“After more than a year of operation and serving more than eight million small businesses, funding for the bipartisan Paycheck Protection Program has been exhausted. The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions, which are financial lenders who serve underserved communities. The SBA is committed to delivering economic aid through the many COVID relief programs it is currently administering and beyond.”

We are not accepting new PPP applications at this time.

PPP Forgiveness

We are currently processing forgiveness applications for first draw borrowers who received their PPP loan during 2020. The processing of forgiveness applications for first and second draw borrowers who received their PPP loan earlier this year, will begin in July. We will email you an invitation to start the application process.

Your Next Steps and Resource email will be sent soon, so please keep an eye on your inbox. We are sending out the information in phases so we may best assist each and every individual request with our full attention. To prepare for your next steps, and to make this process run as efficiently and quickly as possible, please refer to this checklist.

Please note, PPP loan forgiveness is not automatic. You will need to submit a complete application package requesting forgiveness. Most of our members should qualify to use the shorter SBA Form 3508S, which does not require initial submission of supporting documentation. However, you are required to retain all supporting documentation and provide it should the SBA request this information at a later date. If you require specific guidance completing the application, we encourage you to contact your accountant or seek assistance from SCORE, NH Small Business Development Center, or the Center for Women & Enterprise. Contact information for these organizations can be found on the NH SBA website:

PPP loan forgiveness is also not guaranteed. Once the SBA remits your forgiveness amount to us or informs us your loan is ineligible for forgiveness, you will need to start making payments on any unforgiven portion. While Service Credit Union is proud to help facilitate SBA’s Paycheck Protection Program, it is your responsibility to provide a completed application that certifies eligible use of proceeds, along with all required supporting documentation. Please use the checklist to ensure you are prepared and ready to apply for forgiveness.

Simplified application for recipients of PPP Loans $150,000 or less:

Now, how do I make sure my PPP loan is fully forgiven?

Full Forgiveness Terms

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

  1. Employee and compensation levels are maintained
  2. The loan proceeds are spent on payroll costs and other eligible expenses
  3. At least 60% of the proceeds are spent on payroll costs

Eligible Expenses

At least 60% of the loan must be used to cover:

  • Payroll costs, including
    • Employee benefits
    • Tips
    • Commissions
    • State and local payroll taxes

Up to 40% of the loan can be used to cover these business expenses:

  • Rent
    • A lease agreement must have been in place prior to February 15th 2020
  • Utilities
    • Electricity, gas, water, transportation, telephone, internet
    • Above services must have been in place prior to February 15th 2020
  • Software/cloud costs for certain business operations
  • Supplier costs that are essential to business operations
  • Personal Protective Equipment costs to help meet safety requirements

For additional details, please refer to the SBA site here

Guidance for Sole Proprietors

Pay yourself first.  Either transfer funds in increments from your business account to your personal account, or issue yourself paychecks during for the covered period.  Utilizing all of your PPP proceeds for your payroll will ease the documentation requirements for the forgiveness process.

Additional Resources

The SBA continues to offer support through other programs. More information can be found at