Here For Our Business Members
We appreciate your patience as we navigate the ever-changing complexities of the PPP loan and PPP forgiveness program.
If you received a PPP loan through Service Credit Union, we will email you as soon as we are ready to begin accepting forgiveness application packages. We know you may be eager to begin the process, but rest assured that your PPP loan payments are currently deferred for 10 months following the end of your covered loan period, so there is time to follow the application process as it becomes available.
We are currently in the process of emailing members who may be seeking PPP forgiveness. Your Next Steps and Resource email will be sent soon, so please keep an eye on your inbox. We are sending out the information in phases so we may best assist each and every individual request with our full attention. To prepare for your next steps, and to make this process run as efficiently and quickly as possible, please refer to this checklist.
Please note, PPP loan forgiveness is not automatic. If you plan to seek forgiveness, you will need to submit an application along with supporting documentation. You can find both available applications as well as the instructions here. We recommend reading all instructions in full to determine the best option for you; however, most of our members should be able to use the shorter form, SBA Form 3508EZ. If you require specific guidance completing the application, we encourage you to contact your accountant or seek assistance from SCORE, NH Small Business Development Center, or the Center for Women & Enterprise. Contact information for these organizations can be found on the NH SBA website: https://www.sba.gov/offices/district/nh/concord.
PPP loan forgiveness is also not guaranteed. Once the SBA remits your forgiveness amount to us or informs us your loan is ineligible for forgiveness, you will need to start making payments on any unforgiven portion. While Service Credit Union is proud to help facilitate SBA’s Paycheck Protection Program, it is your responsibility to provide a completed application that certifies eligible use of proceeds, along with all required supporting documentation. Please use the checklist to ensure you are prepared and ready to apply for forgiveness.
- SBA Form 3508EZ application
- SBA Form 3508EZ application instructions
- SBA Form 3508 application
- SBA Form 3508 application instructions
Purpose of the PPP Loan
The PPP provides funding for small businesses to help cover up to 8 weeks of payroll costs, including benefits, so you can retain your most valuable asset, your employees. Funds may also be used to pay mortgage interest, rent and utilities.
- Business must be established prior to 02/15/2020
- While loans created under the PPP initiative are legally binding obligations of the borrower which have to be repaid, all or part of the loan amount may be forgiven if the proceeds are used for designated purposes
- No loan payments are due for 10 months
All businesses with 500 or less employees including: nonprofits, veterans’ organization, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors.
Service Credit Union will determine the loan amount based upon your application and a review of your payroll costs from last year. Loan amounts can be for up to 2.5X your average monthly payroll costs, capped at $100,000 annualized for each employee.
Loan proceeds are used to cover payroll costs*, mortgage interest, rent and utility costs for the 8 week period following loan disbursement while employee and compensation levels are maintained.
Yes, although loan proceeds cannot be used for the same purpose (i.e. EIDL purpose was to cover April payroll, then the PPP purpose cannot be to cover April payroll, but may be utilized to cover May payroll and other acceptable uses outlined above).
*Payroll costs include: salary, wages, commissions, tips, employee benefits, state and local taxes assessed on compensation, and for sole proprietor/independent contractor this includes wages, commissions, income, or net earnings from self-employment
- Must have an existing Service Credit Union business membership. Please see our membership eligibility requirements here
- Business/Trade Name must be registered and in good standing with the Secretary of State
- Latest information regarding the CARES Act: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
- Apply for an Economic Injury Disaster Loan (EIDL) directly through the SBA: https://covid19relief.sba.gov/#/
We understand that this can be a challenging process, and we are here to help you navigate it. If you have any questions, please reach out to us at email@example.com.