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If this is the first time you’re applying for a PPP loan, you may apply once for a First Draw loan. If you were previously awarded a PPP loan in 2020, you may be eligible for a Second Draw loan. See eligibility requirements in the Eligibility section above. Whether you qualify for a First or Second Draw loan, you may only receive one.
No. Navy Federal will not accept paper versions of either the PPP loan application or the forgiveness application. You must apply through our digital portal on Navy Federal's website.
You can refer to the SBA PPP FAQ page for guidance on how to calculate your desired loan amount.
You can track your application’s status when you sign in to our portal.
Yes, you must re-apply through our digital portal. The Economic Aid Act is a new program with a new PPP application. Review the Eligibility and Documents Required sections above for further details.
In this case, we offered you the maximum amount, based on the information you provided and the SBA’s requirements. The SBA requires us to use a very specific method for calculating the amount for which you’re eligible. These calculations are based not only on the information on your application, but also on your application’s supporting documentation for average payroll costs and other qualifying expenses. This helps ensure that, if you fulfill all the loan requirements, you’ll be eligible for loan forgiveness.
You may choose to accept this amount or, if you have additional supporting information, you may withdraw your application and start a new one. However, it’s possible that the SBA could reach their funding cap before your new application can be reviewed and processed.
Yes. If you haven’t already started the forgiveness process, we’ll email you when it’s your time to apply.
We're processing forgiveness applications based on the loan’s funding date. When it's time for you to apply, we'll send you an email with a link to your online application. Make sure you sign in to our portal with your personal account credentials (username and password).
First, try checking your email’s trash folder to see if you can locate and/or restore the email.
If you’re still not able to locate or restore the email, give us a call at 1-877-418-1462, Monday through Friday, 9 am to 5 pm, ET, and we can walk you through how to access your application.
We'll publish updates on this page. You also can find more information on the SBA website.
No. The forgiveness application will be electronic and available on our digital portal. Once we email you that, you're eligible to start the forgiveness process, you must use the online application in our digital portal.
No. If you were issued a PPP loan through Navy Federal, your application for forgiveness must come through our digital portal.
We’ll keep you informed about the status of your forgiveness application by email.
Navy Federal has 60 days to review forgiveness packages and submit our recommendation to the SBA.
In most cases, after we submit your package and our recommendation, the SBA has 90 days to make a decision.
The SBA has published the application’s instructions on their website. Our online application will also include guidelines to help you as you’re filling it out. We encourage you to consult your CPA or financial advisor for additional guidance.
Once we notify you that you’re eligible to apply, sign in through our digital portal and you’ll see the information has been automatically populated in the correct fields.
No. One set of required documents for the business is sufficient.
Yes, we’ll continue to update this page with more guidance as it becomes available. And, as noted above, each step of the forgiveness application in our digital portal includes helpful guidance from the SBA.
Yes. If you pay yourself from your Navy Federal business account, it’s very simple. Just show that funds were moved from the business account to your personal account for regular payroll. Be sure to record the amount as owner compensation on the forgiveness application.
No. As long as you submit the loan forgiveness application within 10 months of the completion of the covered period, you won’t have to make a payment until after you’ve completed the PPP forgiveness process and only if there’s a balance.
We’ll work with affected borrowers after a determination has been made regarding loan forgiveness. To extend your loan term from 2 years to 5 years, you’ll first need to apply for loan forgiveness when you become eligible, as outlined above. Once that process has been completed and your loan forgiveness amount has been determined, we'll work with you to modify your loan documents, if appropriate.
If your loan is completely forgiven, you won't owe any payments. Therefore, there won’t be a need to modify your loan terms. If your loan isn’t approved for forgiveness, or if it’s only partially forgiven, then we’ll work with you on a modification of the loan term, if you desire a modification.
No payments will be due until you’ve completed the PPP loan forgiveness process. After the loan forgiveness process is complete, if you have a balance that must be repaid, we’ll contact you to discuss a repayment plan. This may include new loan documents with new terms, payment amounts and a monthly due date.