Small Business Administration Paycheck Protection Program

Are you a small business owner affected by COVID-19? A Paycheck Protection Program (PPP) Loan could help. Under the CARES Act, small businesses can apply for the PPP Loan which can help cover up to 8 weeks of payroll costs, including benefits. Gulf Winds Credit Union has partnered with Lendio to help owners maintain their most valuable assets, their employees.

After funding for the first round of Paycheck Protection Program loans ran out on April 16, Congress passed a second package of funding on April 23rd that included an additional $321 billion for the program. At this time, funds still remain and we encourage you to apply if you have not yet done so.

 All Paycheck Protection Program loans will be made by participating SBA lenders, not Gulf Winds. For assistance with the application, contact Lendio directly at 855.853.6346.

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Paycheck Protection Program FAQs

Gulf Winds is dedicated to providing as much information as possible during this uncertain time. Please see the list below for some answers to frequently asked questions regarding PPP Loans.

Who is eligible for a PPP Loan?

All businesses with 500 or less employees including: nonprofits, veterans’ organizations, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors. If your business exceeds 500 employees, you may still be eligible if you meet the SBA industry size standard. More information on Small Business Administration size standards »

What documents do I need for my Paycheck Protection Program loan application?

When you submit documents, be sure to upload just one document at a time.

All applicants should be prepared with the following:

  • Business start date
  • A government-issued ID (front and back)
  • Monthly Payroll Report (Note: Payroll providers like ADP, Paychex and Gusto already have a report setting available for PPP loans. Please check with your provider.)
  • Bank account and routing number
  • (If applicable) Medical Insurance payment verification
  • (If applicable) Documentation confirming retirement benefits
  • (If applicable) Economic Injury Disaster Loan (EIDL) statement

Suggested documents for sole proprietors, self-employed and individual contractors:

  • 2019 IRS Form 1099-MISC if you are an independent contractor
  • 2019 IRS Form 1040 Schedule C if your business is a sole proprietorship

Applicants with employees and nonprofit organizations will need the following:

  • If your business is seasonal, 2019 IRS Form 941 for Q1 & Q2*
  • If your business is not seasonal, 2019 IRS Form 940
  • 2019 IRS Form W-3
  • Articles of organization
  • Monthly payroll statements that outline these costs by month:**
    • Salary, wages, commissions, or tips (not exceeding $100,000 annually for each employee)
    • If you have employees making over $100,000, provide their W-2s
    • If you have employees outside the US, provide W-2s for those living abroad.
    • Costs for vacation, parental, family, medical or sick leave
    • Costs for separation or dismissal of employees
    • State & local taxes assessed on employee compensation

*If you’re a seasonal business but were not operating in Q1 or Q2 of 2019, provide IRS form 941 since your business start date.

**Many payroll providers like ADP, Paychex and Gusto already have a report setting available for PPP loans. Please check with your provider.

How is the loan amount determined?

Lendio will determine the loan amount in accordance with program guidelines, based upon your application and a review of your payroll costs from last year. Loan amounts can be for up to 2.5X your average monthly payroll costs, capped at $100,000 annualized for each employee.

If I applied for an Economic Injury Disaster Loan (EIDL), can I still apply for the PPP Loan?

Yes, although loan proceeds cannot be used for the same purpose (i.e. EIDL purpose was to cover April payroll*, then the PPP purpose cannot be to cover April payroll, but may be utilized to cover May payroll and other acceptable uses outlined above).

*Payroll costs include: salary, wages, commissions, tips, employee benefits, state and local taxes assessed on compensation, and for sole proprietor/independent contractor this includes wages, commissions, income, or net earnings from self-employment

When can I apply?

  • Starting April 3, 2020, small businesses and sole proprietorships can apply for loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

How long will this program last?

The PPP Loan program will be open until June 30, 2020, but we encourage you to apply as quickly as you can through Lendio.

How can I ensure the PPP Loan is forgiven?

This question can be answered on the Lendio site. Please keep in mind that Gulf Winds Credit Union is partnered with Lendio and they will be able to provide specific information on individual PPP Loans.

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