Important updates from the SBA
For additional information, interested small businesses and non-profits should talk to a member of our Business Banking Team.
Applying for PPP
Follow these steps to apply for the Payroll Protection Program (PPP).
Gather documents verifying that:
- The business or non-profit was operating on February 15, 2020
- The Number of employees
- The Average Monthly Payroll calculation
Examples: payroll records, W3s, IRS 940s or 941s, and tax returns
Email Your Application
What you need to know about PPP
As part of the federal CARES Act, small businesses and non-profits may apply for funding from the SBA Paycheck Protection Program (PPP) through Clearwater Credit Union. Below is some helpful information to determine if this program is right for you and your business.
Program eligibility requirements are established by the SBA. This program is for any small business with less than 500 employees – including sole proprietorships, independent contractors, and self-employed persons, private non-profit organizations or 501(c)(19), and veterans organizations affected by coronavirus/COVID-19.
Yes. We will do everything we can to help both members and non-members understand and take advantage of this opportunity. But please be aware that in order for us to fund a loan the borrower has to open accounts and become a member of the credit union.
Small businesses and non-profits looking to join the credit union remotely should write to us at the following email address: [email protected]
To open a Business Account remotely, please email us your Articles of Organization, Articles of Incorporation, or Assumed Business Name registration information, and your EIN.
Also, this is a “first come, first served” funding opportunity offered through the SBA. We cannot guarantee that funds will be available to all applicants.
- The maximum loan size will be 2.5 times the “Average Monthly Payroll” of the applicant.
- For purposes of calculating “Average Monthly Payroll,” most Applicants will use the average monthly payroll for 2019, excluding salaries over $100,000 on an annualized basis.
- Compensation (salary, wage, commission, or similar compensation, payment of cash tip or equivalent).
- Payment for vacation, parental, family, medical, or sick leave.
- Allowance for dismissal or separation.
- Payment required for the provisions of group health care benefits, including insurance premiums.
- Payment of any retirement benefit.
- Payment of State or local tax assessed on the compensation of employees.
- The completed PPP Borrower Application.
- The completed Additional Information Worksheet.
- Documentation to verify the “Average Monthly Payroll” calculation. That is, payroll records, company Profit and Loss Statement, and tax forms (for example payroll records, W3s, IRS 940s or 941s, and tax returns)
- The interest rate on the PPP loans is set by the SBA and is currently 1%.
- The maximum term will be 24 months (2 years).
- There is no origination fee charged to Applicants.
Yes, it is possible to get loan forgiveness providing applicants meet the criteria set by the SBA.
Applicants are strongly encouraged to review the SBA’s rules on forgiveness. To learn more about how to qualify for loan forgiveness, visit the SBA Payroll Protection Program website.
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