UPDATE 1/1/2021: On December 27, legislation affecting the Paycheck Protection Program (PPP) was signed into law. FCU is preparing to accept new PPP loan applications under the new rules, pending final SBA guidance and preparation.

Small Business Paycheck Protection Program (PPP)

The Paycheck Protection Program, issued by the Treasury Department as part of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), provides funding for fully forgivable loans to help small businesses keep employees paid and employed during the pandemic.These forgivable loans are guaranteed by the Small Business Administration (or SBA) to eligible small businesses in amounts up to $10 million.

Who can apply:

Small businesses and sole proprietorships—generally, those with 500 or fewer employees — can apply and receive loans to cover their payroll and other certain expenses through existing SBA lenders*. 

*​Florida Credit Union is currently an SBA lender.

The Paycheck Protection Program will be available until Congressional authorized funds are exhausted.

How much can be borrowed:

  • 2.5 x  the average monthly cost of payroll incurred over the last twelve months, not to exceed $10 million

Loan Forgiveness:

  • To be forgiven, loans must be used for payroll expense (up to 75% must be used for payroll due to anticipated high subscription), mortgage interest obligations, rent and utilities in the 8 weeks following disbursement.   
  • How much of my loan will be forgiven? You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after you've received the loan. 

    You will also owe money if you do not maintain your staff and payroll.

    • Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
    • Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
    • Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.

How to Prepare:

  • Gather payroll documentation for 2019 and 2020 year-to-date

Needed to help calculate the eligible loan amount:

  • Most recent business and personal tax returns
  • 2019 Form 1040 Schedule C for Sole Proprietorships
  • Forms 940, 943, or W-3 showing gross wages for 2019; or all Forms 941 filed for 2019
  • If employee benefit program costs are to be included, provide supporting documentation
  • List individual employee wages over $100,000
  • 1099s for independent contractors (if applicable)

Documents for:

  • Funds received in the form of a SBA Economic Injury Disaster Loan since January 31, 2020
  • Payments for group health care benefits and premiums paid in 2019 and 2020 YTD
  • Payment of any retirement benefits paid in 2019 and 2020 YTD
  • Copies of governing documents (e.g. partnership agreements)

Please have your board and officers ready to adopt borrowing resolutions.


After Loan is Funded:

Please view our PPP Loan Forgiveness Page for more information.

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

Helpful Links:

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