Apply for Loan Forgiveness
If you received a PPP Loan through Members Exchange, you can now submit your loan forgiveness application. Please note, this is only for MECU loans, we cannot process loan forgiveness for other institutions.
About PPP Loan Forgiveness
The Paycheck Protection Loan Forgiveness Program is part of the Paycheck Protection Program offered through the Small Business Administration (SBA).
The SBA will forgive loans under certain conditions, such as using the loan for payroll (at least 60%), business rent, business mortgage interest, or utilities for the business. The loan forgiveness can be up to 100% of the amount borrowed, plus any accrued interest.
To receive loan forgiveness, you must submit a loan forgiveness application through Members Exchange for approval and then the application will be forwarded to SBA for final approval.
David Broadaway, VP Business Lending