We're here to help!
Evergreen Credit Union is able to assist small businesses with access to the SBA Paycheck Protection Program (PPP).
The PPP allows small businesses with less than 500 employees to borrow up to $10 million for payroll and certain other expenses. For more information on the program, please refer to the U.S. Treasury website.
The Paycheck Protection Program (PPP) Flexibility Act became law on June 5th. The Act eased PPP Loan criteria allowing businesses more time and flexibility as follows:
- Forgiveness can be over 24 weeks (up from 8 weeks)
- Requires 60% of loan used towards payroll (down from 75%)
- If any repayment needed, now over 5 years (up from 2 years)
- Employee rehire deadline changed to year-end
- Other technical changes; please see SBA website for details
Funds remain available if you have not yet applied. The final day for ECU to submit PPP requests to the SBA is June 30th. Please apply before then so we have time to process in time. Apply Now
How to Apply
Additional funding is NOT available for businesses that have already received PPP loan proceeds.
Be advised that Google Chrome is the preferred browser to use within our PPP Lending Portal. Safari users should ensure they are on the most current version. Mozilla Firefox works as well. Please do not use Internet Explorer.
Applying involves 3 simple steps:
- Access and complete the PPP Application Here
- Retrieve your application confirmation email and set-up your secure portal for document upload. Carefully read the email regarding supporting documentation. We must have the supporting documentation in order to process your application. Documentation cannot be uploaded using a mobile device.
- Upload your supporting documentation
PLEASE BE AWARE your business must be eligible for membership with Evergreen, and must become a member to receive a PPP Loan. Evergreen staff will reach out to you if additional information is needed.
Avoiding Common Application Errors
- Loan Request – The amount requested should be 2.5 times the Average Monthly Payroll. Lease, interest and utilities are eligible uses, but not used to determine the loan amount.
- Applicant Ownership – The T.I.N. should be the owner’s Social Security Number and the Address should be the owner’s home address.
- Questions 5 & 6 – Remember to initial both correctly.
- Question 7 – Read carefully as we expect this should be Yes for most applicants.
- Question 8 – If you are a well-known franchise (such as Dairy Queen or McDonald’s), this would be Yes. If you are unsure, you can refer to the SBA website or contact us.
Payroll Records Submissions
Documents must allow us to calculate your average monthly payroll. The following are some of the best documents you can provide:
- Copies of Quarterly Federal Payroll documents including 940’s, 941’s and W-3’s. We would need 4 consecutive quarters starting no earlier than 1st Quarter of 2019.
- If you are using calendar year 2019 to determine payroll and completed your 2019 Federal Income Tax Returns, this would contain most eligible annualized payroll figures.
- Statements from your payroll service that clearly indicate figures for 12 months.
- If you are a Sole Proprieter or Independent Contractor or Single-Member LLC with No Employees, we must have a copy of your 2019 Schedule C (whether or not the personal returns have yet been filed). Please note: your Average Monthly Payroll will be Line 31 divided by 12.
- We CANNOT use any documents from 2018 or earlier.
What Are Eligible Payroll Figures
- Wages and Salaries
- Reported Tips, when applicable
- Employer-paid Health and other similar Benefits
- Employer-paid contributions to Retirement Accounts
- Employer-paid State Payroll Taxes
- NOT ELIGIBLE – Employer-paid Federal Payroll Taxes (Common Error)
What If I Have Questions?
Please contact our Commercial Lending Team: [email protected]