Paycheck Protection Program through CARES Act


The Paycheck Protection Program (PPP), established under the CARES Act, has provided millions of dollars in relief loans for small businesses. As financial institutions and businesses across the country await final guidance from the Treasury Department and Small Business Administration (SBA) on the PPP loan forgiveness process, First Commerce is taking steps now to assist business members who received PPP loans earlier this year.

Effective immediately, First Commerce will automatically defer PPP loan payments for three months beyond their initial due dates. In the coming weeks, you will receive electronic documents via email acknowledging this change to your due date. Upon receipt, please sign and return via DocuSign. As always, if you have specific questions, please contact your loan officer.

IMPORTANT UPDATE: Last week, the Treasury Department and SBA issued an interim final rule to aid borrowers who have PPP loans under $50,000. View the interim rule here. Additional information on PPP Loan Forgiveness is available in the Frequently Asked Questions on the SBA web site.

Additionally, the SBA has developed a second streamlined PPP Loan Forgiveness Application Form 3508S (SBA Form 3508S), which is available for borrowers meeting criteria described in the instructions accompanying the form.

ACTION NEEDED: If your PPP loan was under $50,000, and you submitted a PPP Forgiveness application to First Commerce Credit Union prior to October 8, 2020, please resubmit your request using the new Form 3508S, and send it to your loan officer at First Commerce. Or, you may send it to

Business members are encouraged to consult with their Certified Public Accountant or tax advisor for tax guidance related to your PPP loan. As we receive more information from the federal government, we will keep you updated.

The Small Business Administration web site is another good resource for information.

If you have specific questions or need other assistance, please contact us at or you may leave a voicemail by calling (850) 488-0035, pressing 1, and then extension 2030. We appreciate your patience as our team works to respond to every one of you as soon as possible. We remain committed to being your financial partner for life.