Thank you for trusting Florida Credit Union with your Small Business Administration (SBA) Paycheck Protection Program (PPP) loan.

Our PPP Loan Forgiveness Platform is now open!

PPP Loan Forgiveness Platform


PPP First Draw and Second Draw Borrower Application Forms (serves as a reference for the online application via the PPP Loan Forgiveness Platform):

  • Paycheck Protection Program First Draw Borrower Application Form for Businesses with PPP loans $150,000 or less (Effective 5/24/2021): SBA Form 3508S
  • Paycheck Protection Program Second Draw Borrower Application Form for Businesses with PPP loans for employers who DID NOT reduce employee levels, wages, or hours by more than 25% during covered period (Effective 5/24/2021): SBA Form 3508EZ
  • Paycheck Protection Program Second Draw Borrower Application Form for Businesses who DO NOT qualify to use Form 3508EZ or 3508S (Effective 5/24/2021): SBA Form 3508

    Please note, the SBA Loan # and Lender Loan # are prefilled fields in the platform.


PPP Loan Origination and Loan Forgiveness Requirements:

On January 6th, the Treasury Department and Small Business Administration released two interim final rules related to the administration of the Paycheck Protection Program:

Paycheck Protection Program Forgiveness Loan FAQ’s: Frequently Asked Questions (4/6/2021)
SBA Information: SBA Website on PPP Loans

 

Loan Terms

First Draw PPP

Second Draw PPP
  • Interest Rate: 1%
  • Maturity: 5 years
  • Loan Maximum: $10M
  • Loan amount based on 2.5 times average monthly payroll
  • Eligible loan amounts
    • 2.5 times average monthly payroll during the year prior to the loan or the previous calendar year
    • 2.5 times net profit for 2019, if sole proprietor or 1099-Misc employee and file a Schedule C.
  • Interest Rate: 1%
  • Maturity: 5 years
  • Loan Maximum: $2M
  • Eligible loan amounts:
    • 2.5 times average monthly payroll during the year prior to the loan or the previous calendar year 
    • 3.5 times for Entities that fall under the NAICS code 72 (which includes Accommodation and Food Services Industries)
    • Seasonal employers calculate their maximum loan amount based on a 12-week period of their choosing between Feb. 15, 2019 and Feb. 15, 2020

 

Loan Forgiveness

First Draw PPP

Second Draw PPP
  • Funds can be used for a covered period of 8 to 24 weeks
  • 60% of fund needs to be used for payroll and the remaining portion can be used for:
    • Rent for business operations
    • Mortgage interest on business building
    • Utilities (electricity, gas, water, telephone, transportation, or internet access)

 
  • Funds can be used for a covered period of 8 to 24 weeks
  • 60% of fund needs to be used for payroll and the remaining portion can be used for:
    • Rent for business operations (in force before 2/15/2020)
    • Mortgage interest on business building (originated prior to 2/15/2020)
    • Utilities (electricity, gas, water, telephone, transportation, or internet access – as long as services began before 2/15/2020)
    • Refinancing an SBA EIDL made between 1/31/2020 and 4/3/2020 (First Draw loans only)
    • Covered operations expenditures (necessary services that facilitates business operations)
    • Covered property damage for costs related to property damage/vandalism/looting due to public disturbance
    • Covered supplier costs (good essential to the operations of the business under contract in effect before loan origination)
    • Covered worker protection expenditures (COVID-19 related expenses)


Please contact the Florida Credit Union Commercial Team if you have any questions.

FCU is approved to offer SBA loan products under the SBA Express Program.

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