The Small Business Administration announced today that it will start accepting 2021 Payroll Protection Program (PPP) applications from some community banks and credit unions starting tomorrow, Friday, January 15. We are pleased to announce that People’s Credit Union is part of that group.
If you have any questions, please call us at 401-846-8930, X6650 or email us at [email protected]
To apply for loan forgiveness:
1. Contact People’s Credit Union and complete the correct form:
People’s has provided the SBA Form 3508EZ and SBA Form 3508S above.
The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements.
2. Compile your documentation:
Payroll (provide documentation for all payroll periods that overlapped with the Covered Period or the Alternative Payroll Covered Period):
- Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees
- Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
- Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
- State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state
- Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount
Non-payroll (for expenses that were incurred or paid during the covered period and showing that obligations or services existed prior to February 15, 2020):
- Business mortgage interest payments: Copy of lender amortization schedule and receipts verifying payments, or lender account statements
- Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments
- Business utility payments: Copies of invoices and receipts, cancelled checks or account statements
This list of documents required to be submitted to the Lender is not all-inclusive.
3. Submit the forgiveness form and documentation to People’s Credit Union:
Complete your loan forgiveness application and submit it to your Lender with the required supporting documents and follow up with your Lender to submit additional documentation as requested. Consult your Lender for additional guidance and provide requested documentation in a timely manner.
4. Continue to communicate with People’s Credit Union throughout the process:
If SBA undertakes a loan review of your loan, People’s Credit Union will notify you of the review and the SBA loan review decision. You have the right to appeal certain SBA loan review decisions. Your Lender is responsible for notifying you of the forgiveness amount paid by SBA and the date on which your first payment will be due, if applicable.