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Truity Credit Union Blog > April 2020 > Paycheck Protection Program Information

Paycheck Protection Program Information

  • 4/24/2020

The Paycheck Protection Program (PPP) announcement today extended another $250 billion in forgivable loans to small businesses to help them pay their employees during the COVID-19 crisis. Your business is eligible if you have fewer than 500 employees.*

The faster you apply, the faster you’ll have your money.

Loan Terms

  • Receive up to two months of your average monthly payroll costs from last year, plus an additional 25% ($10 million cap). Learn how to calculate the amount you will receive.
  • The loan has a term of two years and an interest rate of 1%.
  • No collateral or personal guarantees are required.
  • Loan payments will be deferred for six months; however, interest will accrue during the deferment period.

Loan Forgiveness

  • The loan will be fully forgiven if the money is used for payroll costs, interest on mortgages, rent and utilities.
  • At least 75% of the forgiven amount must be used for payroll. Payroll costs are capped at $100,000 on a per employee annualized basis.
  • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.
  • Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

Follow these steps to apply:

  1. Gather payroll cost documentation.
    1. Payroll costs, including salary, wages, commission or tips. Capped at $100,000 on a per employee annualized basis.
    2. Employee benefits, including costs for vacation, parental, family, medical or sick leave, and allowance for separation or dismissal.
    3. Payments for provisions of group health care benefits, including insurance premiums and retirement benefits.
    4. State and local taxes assessed on compensation.
    5. For a sole proprietor or independent contractor: wages, commissions, income or net earning from self-employment, capped at $100,000 on a per employee annualized basis. You must include your 2019 Schedule C with your application.
  2. Fill out the application completely.
  3. Sign and initial where indicated. Double click in the Signature line to sign electronically.
  4. Email the completed application, your 2019 payroll verification or W-3 forms and a copy of your current driver’s license to CommercialLendingDepartment@TruityCU.org.

Some of our members have already received their money. Don’t wait. If you have questions, call Gabe Gutierrez 785.749.6806 or Darah Harris 918.338.5911 or email CommercialLendingDepartment@TruityCU.org.

*This includes sole proprietorship, independent contractors and self-employed persons, as well as 501(c)(3) non-profit organizations, 501(c)(19) veterans organizations or Tribal businesses. If you have questions about eligibility, please ask.

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