Links to Forgiveness Applications FORM 3508S FORM 3508-EZ FORM 3508 Forgiveness conditions of the Paycheck Protection Program The funds from your PPP loan can be used for the following purposes: Payroll—salary, wage, vacation, parental, family, medical, or sick leave, health benefits Mortgage interest—as long as the mortgage was signed [...]
Am I eligible for the new round of PPP? Companies with 300 or fewer employees who suffered a 25% drop in any quarter’s revenue from 2019 to 2020 are eligible for the second round of PPP. This means a 25% or more reduction in gross income from any quarter in 2020 relative to that same [...]
Need pandemic assistance for your small business? Here's a rundown of several economic relief programs that are available. Despite the improved numbers for new cases and deaths compared to the peak of the pandemic, COVID-19 continues to have an outsized impact on small businesses. The passage and signing of the American Rescue Plan Act in [...]
No Longer Accepting PPP Applications UPDATE May 5, 2021 | Green Country FCU is no longer accepting PPP applications as the SBA-backed program has run out of funds. Any applications approved but not yet funded will still be processed. This does not affect PPP loans funded. Here’s a rundown of several economic relief programs [...]
Self-employed and gig workers could get bigger loans under new PPP rules. It just got easier for businesses with less than 20 employees to obtain a PPP loan. The Government changed how the Small Business Administration's Paycheck Protection Program calculates forgivable loans for the smallest firms and sole proprietors. The updated formula — which will likely [...]
Farmers gain greater access to small business support as PPP reopens Farmers who run their operations as sole proprietors, independent contractors, or otherwise self-employed individuals will have newly expanded access to the Paycheck Protection Program (PPP) under changes made in the COVID stimulus package Congress approved last month. Producers who were denied PPP loans or [...]
Notice: Paycheck Protection Program resumed January 11, 2021 at 9am ET SBA, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) for First Draw PPP Loans the week of January 11, 2021. SBA will begin accepting applications for Second Draw PPP Loans on January 13, 2021. I'd like more information about PPP [...]
Update January 14, 2021 Paycheck Protection Program applications are open again There are two applications available: First Time Borrower Application - You did not receive a PPP loan in 2020 APPLY NOW - PPP First Time Borrower Second Time Application - You received a PPP loan in 2020 2nd Time Borrower Application [...]
The Application The 3508S is a one-page application, with a second page for demographic information. Instead of having to show your forgiveness amount calculation as you do on the 3508EZ, you simply certify seven things: The dollar amount for which forgiveness is requested does not exceed the principal amount of the PPP loan and: a) [...]
There are so many COVID-19 scams circulating right now. Everything from stimulus money fraud to imposter contact tracers and everything in between. Stay aware and keep your personal information safe. Here are some tips from the FTC. KEEP CALM & AVOID CORONAVIRUS SCAMS Learn how to tell the difference between a real contact tracer and a scammer. [...]
Tip #1: Use the Covered Period for Payroll Costs A first tip to maximize PPP forgiveness? Use the eight-week covered period that starts when you get the PPP loan. Not the alternative covered period which starts the day the next payroll period starts. (You get to choose which eight weeks you look at.) The reason? [...]
Paycheck Protection Program Update Our commercial lending team has worked tirelessly since late March helping our small business members and new relationships stay afloat by utilizing the SBA's Paycheck Protection Program. To date, we've helped 90 business owners receive an average of $35,010 in what should be forgivable loans to pay employees and utilities. We've [...]
► APPLY for the Paycheck Protection Program What is the Paycheck Protection Program? The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is a nearly $350-billion program intended to provide American small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loans. Program highlights All [...]
