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
- 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.
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.
- 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
- Small Businesses
- Veteran - Owned Businesses
- Women - Owned Businesses
- Minority - Owned Businesses
For questions related to your PPP Round 2 application, contact the Business Services team at email@example.com.
PPP Round 1 Loan Forgiveness Guide
- 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)
- If you do not have this document available, contact the Business Service team atSmallbusinessPPPforgiveness@togethercu.org.
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.
*Application platform is most compatible with Microsoft Edge and Firefox web browsers.