COVID-19 Business Assistance
The Paycheck Protection Program (PPP) is a loan designed under the CARES Act to provide a direct incentive for small businesses to keep their workers on the payroll. As a SBA approved lender, Community Financial Credit Union is able to assist our business members in applying for the Paycheck Protection Program.
A second stimulus package was passed into law on December 27, 2020 that included new PPP funding. The relief bill allows for qualifying members to receive a first PPP loan, or a Second Draw loan as long as the funds from the first round have been fully used.
The SBA has advised that applications may be submitted beginning on Tuesday, January 19th. We invite you to review the SBA guidelines and welcome you to contact us if you’d like to get an application started.
What you will need:
To demonstrate gross receipts during any quarter of 2020 were at least 25% lower as compared to the same quarter of 2019
A detailed statement of ALL the intended uses for the loan (note: no more than 40% can be used for non-payroll related items.) You must detail the amount that will be used for payroll, rent, interest and utilities.
Payroll records for all employees for the last year (This must be a detailed register so we can determine if any individual makes over $100,000. This can be for the period 1/1/2019 – 12/31/2019)
The last 4 quarters of payroll (941) tax forms for either full year 2019 or 2020
Completed Beneficial Ownership Certification
Completed Request for Transcript of Tax Return (Form 4506-T)
Completed Paycheck Protection Program Application
Completed Payroll Calculation for the period of 2019 or 2020
If you own additional entities, please complete Addendum A
Please gather/complete the above information and then give us a call at (877) 937-2328, and press 8. Team members are available Monday – Friday from 8:30 a.m. – 5:00 p.m.
In addition, an Economic Injury Disaster Loan Emergency Advance is available through the SBA. This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Applications can be made directly through the SBA.
Business Loan Options:
- Commercial Real Estate Mortgages
- Commercial Auto Loans
- Equipment Loans
- Business Lines of Credit
- Business Mastercard® with Easy Savings