Update January 14, 2021

Paycheck Protection Program applications are open again

There are two applications available:

1. First Time Borrower Application
   – You did not receive a PPP loan in 2020
   
   APPLY NOW – PPP First Time Borrower
2. Second Time Application 
   – You received a PPP loan in 2020
   
   2nd Time Borrower Application

Please note: If you received a PPP loan in early 2020 but have not yet applied for forgiveness, you must apply for forgiveness before you can apply for a 2nd PPP loan.

Email Lindsay with Questions

PPP APPLICATION GENERAL GUIDANCE

Your application cannot be processed until the following documents are provided. Please submit via email to [email protected] or drop-off at the drive-thru of our Morrow Rd. location (202 E. Morrow Rd., Sand Springs).

• Business Entity Document (New Members Only)
  • Corporation: Articles of Incorporation/ Certificate of Existence and Bylaws
  • Limited Liability Company: Articles of Organization/ Certificate of Formation and Operating Agreement
  • Partnership: Partnership Agreement
  • Sole Proprietorship: Business Entity Search, Business License

• Business must be active and in good standing with the State of Oklahoma.

• Copy of Driver’s License or State ID (for all signers)

Eligibility requirements

*** Schedule F filers are exempt from the 25% reduction requirement ***

1. Applicant must prove a 25% reduction in income from 2019 to 2020.

For example, a borrower with gross receipts of $50,000 in the second quarter of 2019 and gross receipts of $30,000 in the second quarter of 2020 has experienced a revenue reduction of 40 percent between the quarters.

• • OR –

2019 Tax Return to 2020 Tax Return. Even if you have not filed 2020 Tax Return, you may complete it as if you are filing and submit for PPP eligibility.

2. Applicant must be able to prove they were in business before February 15, 2020. This can be proven by 2020 invoice, bank statement, or book of record or 2020 Tax Returns.

Items needed to calculate Maximum Loan Amount

Employers who pay employees as a 1099 contractor cannot include that in their payroll figures. The contractor can apply for their own PPP Loan.

1. Self-employed and no employees
   1. 2019 IRS Form 1040 Schedule C with a net profit (Line 31)

2. Self-employed with employees
   1. 2019 IRS Form 1040 Schedule C with a net profit (Line 31)
   2. 2019 1^st, 2^nd, 3^rd & 4^th Quarter 941s
   3. 2019 employer state and local taxes assessed on employee compensation
   4. 2020 1^st, 2^nd, 3^rd & 4^th Quarter 941s

3. Farmers & Ranchers
   1. 2019 OR 2020 Schedule F
   2. 2019 1^st, 2^nd, 3^rd & 4^th Quarter 941s
      OR
   3. 2020 1^st, 2^nd, 3^rd & 4^th Quarter 941s

4. S Corporations & C Corporations
   1. 2019 IRS Form 1120 OR 1120-S
   2. 2019 1^st, 2^nd, 3^rd & 4^th Quarter 941s
   3. 2019 employer state and local taxes assessed on employee compensation
   4. 2020 1^st, 2^nd, 3^rd & 4^th Quarter 941s

5. Non-Profit Organizations
   1. 2019 1^st, 2^nd, 3^rd & 4^th Quarter 941s
   2. 2019 employer state and local taxes assessed on employee compensation
   3. 2020 1^st, 2^nd, 3^rd & 4^th Quarter 941s

6. Non- Profit Religious Institutions, Veteran Organizations and Tribal Businesses
   1. 2019 1^st, 2^nd, 3^rd & 4^th Quarter 941s
   2. 2019 employer state and local taxes assessed on employee compensation
   3. 2020 1^st, 2^nd, 3^rd & 4^th Quarter 941s

7. Partnerships
   1. 2019 IRS Form 1065
   2. 2019 Schedule K-1
   3. 2019 1^st, 2^nd, 3^rd & 4^th Quarter 941s
   4. 2019 employer state and local taxes assessed on employee compensation
   5. 2020 1^st, 2^nd, 3^rd & 4^th Quarter 941s