Paycheck Protection Program Information
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.
- 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.
- 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:
- Gather payroll cost documentation.
- Payroll costs, including salary, wages, commission or tips. Capped at $100,000 on a per employee annualized basis.
- Employee benefits, including costs for vacation, parental, family, medical or sick leave, and allowance for separation or dismissal.
- Payments for provisions of group health care benefits, including insurance premiums and retirement benefits.
- State and local taxes assessed on compensation.
- 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.
- Fill out the application completely.
- Sign and initial where indicated. Double click in the Signature line to sign electronically.
- 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.