Here For Our Business Members
We are proud to continue working with our business members through the PPP loan and PPP forgiveness process.
We are not accepting new PPP applications at this time.
Purpose of the PPP Loan
The PPP provides funding for small businesses to help cover between 8 and 24 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, utilities, and some additional costs related to COVID-19.
If you are a first-time applicant, defined as a “first draw,” click here for more information.
If you have already received PPP funding and are applying for a second loan, or “second draw,” click here for more information.
To apply for a PPP loan with Service Credit Union, you must be an existing member. To get started, please reach out to our business services team at email@example.com.
- 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
- 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
- Top Line Overview of Second Draw PPP
- 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/#/
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. You will need to submit a complete application package requesting forgiveness. Most of our members should qualify to use the shorter SBA Form 3508S, which does not require initial submission of supporting documentation. However, you are required to retain all supporting documentation and provide it should the SBA request this information at a later date. 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.
- Loan Forgiveness Application and Instructions Fillable
- Loan Forgiveness Application Application and Instructions 3508EZ Fillable
Simplified application for recipients of PPP Loans $150,000 or less:
Now, how do I make sure my PPP loan is fully forgiven?
Full Forgiveness Terms
PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8-24 week covered period following the loan disbursement:
- Employee and compensation levels are maintained
- The loan proceeds are spent on payroll costs and other eligible expenses
- At least 60% of the proceeds are spent on payroll costs
At least 60% of the loan must be used to cover:
- Payroll costs, including
- Employee benefits
- State and local payroll taxes
Up to 40% of the loan can be used to cover these business expenses:
- A lease agreement must have been in place prior to February 15th 2020
- Electricity, gas, water, transportation, telephone, internet
- Above services must have been in place prior to February 15th 2020
- Software/cloud costs for certain business operations
- Supplier costs that are essential to business operations
- Personal Protective Equipment costs to help meet safety requirements
For additional details, please refer to the SBA site here https://www.sba.gov/
Guidance for Sole Proprietors
Pay yourself first. Either transfer funds in increments from your business account to your personal account, or issue yourself paychecks during for the covered period. Utilizing all of your PPP proceeds for your payroll will ease the documentation requirements for the forgiveness process.