PAYROLL PROTECTION PROGRAM
ATTENTION: Due to the unprecedented volume of SBA Paycheck Protection applications we have received, CFCU, like many lenders, will be pausing new applications in order to focus on moving existing applications through the approval process. If you have already submitted an application, we will continue to process your application and keep you informed of the status of your request. We will begin accepting applications again on Thursday, April 16. Please contact us at that time to submit your application to email@example.com. Please note, at this time we are only processing Christian Financial and Motor City Co-op business members.
The SBA has approved SBA lenders like Christian Financial Credit Union to administer the Paycheck Protection Program. The Paycheck Protection Program
prioritizes millions of American employed by small businesses by authorizing up to $349 billion toward job retention and certain expenses.
Small businesses and eligible non-profit organizations, Veteran organizations, and Tribal businesses described in the Small Buinsess Act, as well as individuals who are self-employed or are independent contractors, are eligible if they meet the program size standards.
Under this program:
- Small business with ≤ 500 employees can obtain up to 2.5x their average monthly payroll to assist with costs including payroll, mortgage interest payments, rent and utilities.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the proceeds that are used to cover the first eight weeks of payroll and certain other expenses following loan origination.
What I will need:
Submit all applications to firstname.lastname@example.org starting April 16, 2020. Please note, at this time we are only processing Christian Financial and Motor City Co-op business members.
- A detailed statement of ALL the intended uses for the loan (note: no more than 25% can be used for non-payroll related items) You must detail the amount that will be used for payroll, rent, interest and utilities.
- Payroll records for all employees for the last year (This must be a detailed register so we can determine if any individual makes over $100,000. This can be for the period 1/1/2019 – 12/31/2019.)
- The last 5 quarters of payroll (941) tax forms (January 1, 2019 – 3/31/2020)
- Completed and executed organizational documents/articles of incorporation
- Completed Beneficial Ownership Certification
- Completed a Request for Transcript of Tax Return (Form 4506-T)
- Completed PPP application
- Completed Payroll Calculation for the period 4/1/2019 – 3/31/2020
- If you own additional entities, please complete Addendum A.