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    Paycheck Protection Program (PPP2)

    January 20, 2021

    Important Update (1/20/2021):

    The latest COVID-19 relief package for $900 billion in the Economic Aid Act signed into law on December 27th, 2020 contained a $284 billion allotment for a second round of the Paycheck Protection Program (PPP).

    We are diligently working with a technology partner to launch an online PPP application portal.  We hope to have this completed as soon as possible so we may assist ECU Members with obtaining PPP funds.  At this time, paper applications are not accepted due to the implementation of online applications.  Once the ECU online PPP application portal is activated, ECU will send out instructions on accessing the online application.  You can email us now to be put on a list to receive direct updates from ECU on PPP.  You may also call (423) 578-7654. 

     

    First Draw Loan Information:

    https://home.treasury.gov/system/files/136/PPP--How-to-Calculate-Maximum-Loan-Amounts-for-First-Draw-PPP-Loans-and-What-Documentation-to-Provide-By-Business-Type.pdf

    Please be prepared to provide the following information:

    • 2019 or 2020 tax forms, financial records, bank statements (whichever year was used to calculate payroll).
    • 2019 IRS payroll tax filings (Forms 940, 941, 944) if applicable.
    • State quarterly wage unemployment tax insurance reporting forms OR full year payroll processing records.
    • Health insurance premium expenses (if group healthcare costs were included in payroll calculations).
    • Retirement plan expenses (if payments into retirement accounts were included in payroll calculations).
    • Documentation supporting certification that, as of February 15, 2020, you had employees for whom you paid wages and payroll taxes, you paid independent contractors, or you are an independent contractor.
    • For self-employed borrowers: 2019 or 2020 Schedule C.
    • For Partnerships: 2019 or 2020 K-1s.

     

    Second Draw Loan Information:

    https://home.treasury.gov/system/files/136/Second-Draw-PPP-Loans--How-Calculate-Revenue-Reduction-Maximum-Loan-Amounts-Including-Documentation-Provide1192021.pdf

    Please be prepared to provide the following information:

    • 2019 Tax forms, financial records, bank statements (whichever year was used to calculate payroll).
    • 2019 and 2020 IRS payroll tax filings (Forms 940, 941, 944) if applicable.
    • State quarterly wage unemployment tax insurance reporting forms OR full year payroll processing records.
    • Health insurance premium expenses (if group healthcare costs were included in payroll calculations).
    • Retirement plan expenses (if payments into retirement accounts were included in payroll calculations).
    • Documentation supporting certification that, as of February 15, 2020, you had employees for whom you paid wages and payroll taxes, you paid independent contractors, or you are an independent contractor.
    • Copies of financial statements, tax records, or bank statements supporting the 25% decrease in gross revenues in any 2020 quarter compared to the same quarter in 2019.  We recommend that you provide documentation supporting the 25% reduction in gross receipts if they are available. However, for loans $150,000 or less, the SBA states that you will not have to officially provide this until or before seeking loan forgiveness or upon SBA request.
    • For self-employed borrowers: 2019 and 2020 Schedule C.
    • For Partnerships: 2019 or 2020 K-1s.

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