Your business may feel small, but you’re a big deal to us.

Get Started
Stay up to date with PPP Loan ForgivenessCLICK HERE to watch the free PPP webinar presented by our partners at Wolf & Company, P.C.
At this time we are not accepting forgiveness applications. We are diligently working to finalize our online PPP forgiveness portal. This portal is where our members will be applying for forgiveness and submitting their supporting documents. We will notify all PPP borrowers once we begin accepting applications
We understand that running a small business is a labor of love, and that so much goes into making it run smoothly. Which is exactly why we created BUILD Business Solutions. We can offer you personalized service for any business need, whether you're just getting started or looking to expand. Our dedicated Small Business Team will work closely with you every step of the way. And if we don't have exactly what you're looking for, we'll work with you to find the perfect solution.

Paycheck Protection Program (PPP) Forgiveness Updates

Small businesses matter. We are focused and committed to making sure our community business members are fully supported throughout this pandemic. As part of that commitment, Jeanne D’Arc participated in the Paycheck Protection Program (PPP) hosted by the Small Business Administration (SBA), in consultation with the Department of Treasury.
We have included frequently asked questions and their answers below to help you improve your understanding of the PPP loan program and what’s next:

The EIDL Advance was a grant program offered by SBA. The EIDL Advance funds were dispersed as follows: $1,000/employee, up to a maximum of $10,000. Recipients of the EIDL Advance and the Paycheck Protection Program (PPP) loan will have the amount of the EIDL Advance subtracted from the forgiveness amount of their PPP loan.

No, the last day to officially apply was August 8th, 2020.

Yes—there are three: the 3508, 3508EZ and 3508S.

The required documentation to submit can be found on 3508 forgiveness instruction, the 3508EZ forgiveness instructions, or the 3508S forgiveness instructions.

No, you need to meet the specific guidelines set by the SBA in order for your loan to be forgiven.

Your covered period is the number of weeks you have to utilize your PPP funds from the date of your loan disbursement.

Due to the changes implemented in the PPP Flexibility Act passed by Congress, PPP loans approved prior to June 5, 2020, can have a covered period of the original 8 weeks or 24 weeks as agreed upon by lender and borrower. PPP loans approved after June 5, 2020, have a covered period of 24 weeks.

You have 10 months from the last day of your covered period to apply for forgiveness.

At this time we are not accepting forgiveness applications. We are diligently working to finalize our online PPP forgiveness portal. This portal is where our members will be applying for forgiveness and submitting their supporting documents.

You can access the forgiveness portal by visiting Click the forgiveness portal link at the top of the page. You will need your PPP loan amount and business name to start your profile.

Jeanne D’Arc has 60 days to submit your PPP forgiveness application to the SBA after we’ve received and reviewed it. The SBA in-turn has 90 days from the date we submit your application to provide a decision.

The implementation of our online portal is expected to streamline this process dramatically.

Congress passed the PPP Flexibility Act on June 5, 2020, which brought with it numerous changes to PPP loans, many of which are beneficial for small businesses.

Now, only 60% of your total loan amount needs to be used for payroll costs, with no more than 40% of your loan being used for non-payroll expenses listed above.

PPP borrowers with loans approved prior to June 5, 2020, may now choose to use a covered period of either 8 weeks OR 24 weeks, as stated above.

PPP loans approved on or after June 5, 2020, now have a covered period of 24 weeks as stated above.

PPP borrowers with loans approved prior to June 5, 2020, now have the option of changing the term on the unforgiven portion of their loan as agreed upon with the lender from the current two-year term, to a five-year term. No changes to the loan term need to be made unless borrowers have applied for forgiveness of their PPP loan.

PPP loans approved on or after June 5, 2020, have a default term of 5 years for any unforgiven amount of the loan.

As of October 8, 2020 the U.S. Small Business Administration (SBA) in collaboration with the Treasury Department released a new PPP forgiveness application (3508S). This application is for those PPP borrowers with a loan amount of $50,000 or less. New interim final rules for this specific application have been created to explain the changes being implemented.

For sole proprietors and self-employed individuals, owner compensation is calculated based on your 2019 net income. If using an 8-week covered period, divide the 2019 net income by 52, then multiply that amount by 8.

Owner compensation for an 8-week period cannot exceed the amount of $15,385.00. If utilizing the 24-week covered period, divide your 2019 net income by 12, then multiply that amount by 2.5. Owner compensation for a 24-week period cannot exceed the amount of $20,833.00.

A new ‘safe harbor’ was established, creating two new exemptions based on employee availability in which a reduction in FTE employees would not affect a PPP borrower’s forgiveness amount. During the period between February 15, 2020, and December 31, 2020, loan forgiveness is determined without regard to the FTE employee reduction if a PPP borrower, in good faith, is able to document that (1) they cannot rehire previously employed individuals or qualified employees; or (2) they are unable to return to the same level of business activity that the business was operating from before February 1, 2020, due to compliance with requirements established or guidance issued by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention or Occupational Safety and Health Administration relating to the maintenance of sanitation and social distancing due to COVID-19.

Please visit the Small Business Association and the US Treasury website for the most up to date information regarding PPP Loans. They also have FAQs that may answer any additional questions you have or contact Business Services at

When you’re ready to get started, contact our Business Service Advisor, Robert Boley, to see what he can do for you:

Robert Boley
AT-Business Services Advisor
Office: 978-703-7982
Mobile: 978-421-4644
Robert will meet with you in person. He’ll take the time to learn about you and your business. Then, he’ll provide you with straightforward advice and innovative solutions. Like you, we’re in this for the long haul. We know that creating a strong, lasting relationship with our business members is the very definition of a win-win.
After all, small businesses are the backbone of our local economy. And that’s what makes you a big deal to us.

Business Membership

Any individual Jeanne D’Arc Credit Union member who runs a business is eligible for Business Membership. Business models include fraternal organizations, voluntary associations, sole proprietorships, partnerships, limited partnerships, corporations, limited liability companies or limited liability partnerships.
Membership is available to anyone who lives, works or attends school in the following communities:
Massachusetts counties of
Middlesex or Essex
Massachusetts cities or towns of
Fitchburg, Leominster, Harvard, Lunenburg or Lancaster
New Hampshire counties of
Hillsborough or Rockingham

Build your business with BUILD Business Solutions powered by Jeanne D’Arc Credit Union!