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Paycheck Protection Program information

By VerityCU January 26, 2021 Covid-19

Update 4/1/21

Verity is no longer new applications for the Paycheck Protection Program. This decision was made so that we can ensure the applications that have already been submitted are able to be fully processed with the Small Business Administration before May 31, 2021. 

If you are looking to apply for a PPP loan, we recommend using the "find a lender" tool available on the SBA's Paycheck Protection Program website

The Paycheck Protection Program is back, and Verity is here again to help local businesses navigate the application process.

This time around, businesses are able to apply for PPP loans online. Verity members are invited to use our PPP application portal. Please note the first step is fill out a questionnaire about your business and what the loan funds will be used for. You will need to have your business TIN (EIN/SSN) in order to start the questionnaire.

The deadline to apply for a PPP loan through Verity's portal is March 31, 2021.

The Small Business Administration started accepting and funding applications on January 11, 2021. The newest round of PPP funding was passed in late December 2020. In general, the loan is intended to help businesses stay open and keep people employed. If the loan dollars are used for proper purposes, then at least part of the loan will be forgiven by the SBA.

There are some differences to the program this time around depending on the type of business and whether it received a PPP loan in 2020.

  • At least 60% of loan must be used on payroll in order for the loan to be eligible for forgiveness.
  • Other allowable uses of funds include: operational expenses for software, repairing property damage due to vandalism or looting, expenses for employee virus protection, and supplier costs of goods.
  • Loan forgiveness process is easier for loans up to $150,000 and fewer documents are required for loans $150,000 - $2 million.
  • Businesses are eligible to apply for a second loan if they meet certain qualifications, including being defined as "small business" under the SBA definition, have 300 or fewer employees, are not a public company, and can demonstrate a 30% reduction in revenue over a quarter in 2020 compared to 2019.
  • Second loans are available for amounts equal to 2.5 months of payroll expenses, but no more than $2 million.

For full information about PPP and what it means for your business, check out the Small Business Administration website

If you need assistance with the application or loan forgiveness process, please contact us and we're happy to help.

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