Effective April 1, 2021, FCU will no longer accept new PPP loan applications.

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

Existing PPP Loan members: please continue your application from the button below:

PPP Loan Forgiveness 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:

The new program allows for PPP loans to both first time applicants (First Draw PPP Loans) as well as to businesses that have already received a PPP loan (Second Draw PPP Loans).

 

Eligibility Requirements

First Draw PPP

Second Draw PPP
  • Employ not more than 500 employees
  • Have not received a PPP loan
  • Business in operation on February 15, 2020
  • Currently operating
  • Employ not more than 300 employees
  • Previously receive a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • Demonstrate at least a 25% reduction in gross receipts in 2020 versus 2019 for full year OR any chosen quarter in 2020 relative to the same quarter in 2019
  • Currently operating
  • Eligible businesses include the following:

o   Corporation, partnerships, and LLC(s)

o   Non-profit organization

o   Housing cooperative

o   Veteran’s organizations

o   Tribal Businesses

o   Self Employed

o   Sole Proprietors

o   Independent Contracts

o   Small agricultural cooperatives

 

 

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

 

 

Documentation Requirements

First Draw PPP

Second Draw PPP
  • 2019 Personal Tax Return
  • 2019 Business Tax Return
  • Payroll verification, one of the following:
    • 2019 941 quarterly forms, in-house payroll reports, OR 944);
    • 2020 Annual (i.e. 941 quarterly forms, in-house payroll report, or 944);
    • Statement from Payroll Service Provider (PEO)
  • Optional (may increase loan amount)
    • Evidence of retirement contributions
    • Evidence of health insurance contributions / premiums
  • 2019 Personal Tax Return (only if First Draw PPP was not processed thru FCU OR did not receive First Draw PPP)
  • 2019 Business Tax Return (only if First Draw PPP was not processed thru FCU OR did not receive First Draw PPP)
  • *Payroll (see details below chart for documentation tips, per business type):
    • Annual/ Quarterly IRS Forms (one of the following, choose between 2019 OR 2020):
      • 2019: 941 IRS forms for all 4 QTR’s, 940 IRS Form, W-3 IRS Form, 944 IRS Form OR PEO Statement
      • 2020: 941 IRS forms for all 4 QTR’s, 940 IRS Form, W-3 IRS Form, 944 IRS Form OR PEO Statement
    • Payroll report(s) for 2020 OR 2019 (full year) that corresponds with the Annual / Quarterly / PEO Statement chosen above
  • Revenue Reduction (at least 25%): Annual or quarterly sales reports (bank statements, financial statement, tax documents or book of record) to compare revenue reduction in 2020 versus 2019 for full year OR any chosen quarter (all Revenue Reduction documents must be signed and dated on the first page and initialed on subsequent pages)

*Payroll documentation tips, per business type:

  • If business entity (EXCEPT self-employed, single member LLC, sole proprietor or independent contractor):
    1. The SBA requires:
      1. 941 IRS forms for all 4 QTR’s, 940 IRS Form, W-3 IRS Form OR PEO Statement AND state quarterly wage unemployment insurance tax reporting forms (RT-6, but ONLY if unemployment insurance was included in payroll calculation) from each QTR in 2019 OR 2020 (whichever was used to calculate payroll), as applicable, OR equivalent payroll processor records, along with any retirement and employee group health, life, disability, vision and dental insurance contribution (if applicable).
  • If self-employed and HAS employees:
    1. The SBA requires:
      1. 2019 IRS Form 1040 Schedule C
      2. 941 IRS forms for all 4 QTR’s, 940 IRS Form, W-3 IRS Form OR PEO Statement AND state quarterly wage unemployment insurance tax reporting forms (RT-6, but ONLY if unemployment insurance was included in payroll calculation) from each QTR in 2019 OR 2020 (whichever was used to calculate payroll), as applicable, OR equivalent payroll processor records, along with any retirement and employee group health, life, disability, vision and dental insurance contribution (if applicable).
      3. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish the applicant was in operation on February 15, 2020.
  • If self-employed and DOES NOT have employees:
    1. The SBA requires:
      1. 2019 IRS Form Schedule C
      2. IRS Form 1099-MISC (if applicable) OR bank statement OR book of record (i.e. profit & loss, journal, or ledgers) to establish that the applicant is self-employed
      3. A 2020 invoice, bank statement OR book of record (i.e. profit & loss, journal, or ledgers) to establish that the applicant was in operation on or around February 15, 2020 (all Revenue Reduction documents must be signed and dated on the first page and initialed on subsequent pages)

 

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 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 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)


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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