HOW AND WHEN TO apply for forgiveness of your PPP Loan

The SBA has simplified the forgiveness process into one easy-to-use form with instructions included. Refer to the Small Business Administration's FAQs to guide you through the process.

If you have already submitted your forgiveness application through Infinity Credit Union, you do not need to apply again through the SBA portal. We will submit your application on your behalf. 

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and borrowers will begin making loan payments to their PPP lender. 

If your loan amount is greater than $150,000, please contact us for forgiveness instructions.

If you have not already applied for forgiveness, click the Apply Now button below to start your application. 

3508S: Forgiveness Apply Now

Form 3508D is a special form that some First Draw PPP borrowers may be required to submit in addition to their primary forgiveness application if certain government officials hold a controlling interest in their business.

If you prefer to apply for forgiveness directly through Infinity Credit Union, click here.

 

after you apply for forgiveness

A member of our team will contact you to confirm your application has been submitted successfully and discuss future needs for your business. Infinity offers a comprehensive Business Services suite of products including:

  • Personalized service, in-house loan underwriting, and a team who is passionate about learning your story and making your dream real
  • Free checking for a cost-effective way to manage your cash flow
  • Business Choice Checking* to earn tiered interest on your balance
  • Loan solutions to get your business up and running or boost it to the next level of success
  • ACH services to simplify your payroll and accounts payable
  • Personal banking services including our premier interest-bearing High 5 Checking*, competitive-rate loans for all needs, and digital convenience services to simplify your life**

Infinity FCU is an established SBA Lender and has been recognized as Maine’s Leading SBA Credit Union Lender in 2018, 2019, and 2020. Our Business Services Team is prepared to be your trusted partner ensuring you have the tools you need to manage your business finances at this critical time. If you need assistance with your application or have questions, please contact our Business Services team at business@infinityfcu.com or (207) 854-6000 x4140.

*Visit our website for full details, rates, and disclosures

**You qualify for membership at Infinity FCU if you live, work, worship or attend school in Cumberland and York Counties, or in the City of Bangor, Maine. In addition, immediate family or household members of current Infinity FCU members may also qualify for membership.