Coronaviruses Business Support

 

PPP Loan Applications are Now Available

 

Your Together Credit Union team is here to help as you navigate the Paycheck Protection Program. We are now accepting PPP Round 2 Loan applications and PPP Round 1 Loan Forgiveness applications.

 

Once you enter our online application portal, you will find step-by-step instructions and resources to help you complete the process. You may also wish to contact your accountant or payroll provider for additional guidance.

 

 

PPP Round 2 Loan Application Guide

 

Click Here to Start your Application*

 

Key Highlights

  • Second time borrowers must have used their first loan in full and demonstrate a 25% decline in gross revenue.
  • Borrowers may elect between an 8 - 24 week period in which to apply their PPP Round 2 funds.
  • Borrowers are still required to use at least 60% of the PPP Round 2 funds on payroll expenses. However, there are new expense categories for the remaining 40% of funds such as: rent, mortgage, and operating costs.

Application Update

Starting Wednesday, February 24th through Wednesday, March 10th the Small Business Administration will only accept applications for Paycheck Protection Program (PPP) loans from firms with fewer than 20 employees. 

If the borrower has more than 19 employees, we will still accept the application to ensure there is no delay in the review process. These applications will be reviewed but not submitted to SBA for approval until March 10th in accordance with the SBA’s announcement

 

 What do you need to apply?

  • Completed online application
  • Proof of ownership and driver’s license  
  • Average wage cost
  • Proof of payroll cost or self-employment income 
  • W-2 forms for all employees
  • 2019 & 2020 profit/loss statements and tax returns

 

 Who is eligible to apply?

  • Small Businesses
  • Self-Employed
  • Veteran - Owned Businesses
  • Women - Owned Businesses
  • Minority - Owned Businesses

For questions related to your PPP Round 2 application, contact the Business Services team at smallbusinessppprelief@togethercu.org.

PPP Round 1 Loan Forgiveness Guide

 

Click Here to Start your Application*

  

Key Highlights

  • Borrowers may elect between an 8 - 24 week loan forgiveness coverage.
  • Forgiveness loan covers payroll and non-payroll expenses.
  • Borrowers select their amount in loan forgiveness reduction (FTE or excess of 25% wage reduction).
  • Borrowers determine their loan forgiveness application process (standard SBA Form 3508 or EZ Form 3508EZ).
  • Once the SBA forgiveness application is received, a Together Credit Union Business Services team member will directly email the member.

What do you need to apply?

  • Supporting payroll and non-payroll expense documentation
  • SBA loan number (located at the top of your signed SBA Paycheck Protection Program loan document)

 Who is eligible to apply?

  • PPP borrowers may be eligible for loan forgiveness if their loan funds were used for qualifying payroll and non-payroll expenses during the 8 - 24 week period after their loan disbursement.

Stay Informed

 

Stay notified of recent updates by visiting our website often. And know that the SBA provides guidance and loan resources and the US Treasury offers additional assistance for small businesses.

*Application platform is most compatible with Microsoft Edge and Firefox web browsers.