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Paycheck Protection Program

park city update

UPDATE as of 7/01/2020: The Senate has extended the application period for the PPP Loans until August 8, 2020. We will continue to take applications up to this date. If you are a business owner interested in the program, please email us at ppp@parkcitycu.org.

UPDATE as of 6/19/2020: Park City is not accepting applications for forgiveness at this time as we wait for final direction from SBA.  Please check this site periodically for updates and the announcement for accepting forgiveness applications.  

The Small Business Administration (SBA) along with the Treasury Department have released more up-to-date borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020. These applications reflect the changes Congress has made:

 

Any borrower who meets any of the following criteria should apply for the “EZ” application. This application requires less documentation and fewer calculations.

  • Applied for the PPP loan as self-employed, an independent contractor or sole proprietor with no employees
  • Did not reduce salary or wages for any employee by more than 25% and did not reduce the number or hours of their employees (except laid-off employees who refused an offer to return)
  • Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19
 
Both of these applications give our borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period.

The Paycheck Protection Program is a major component of the Coronavirus Aid, Relief, and Economic Security (CARES) Act which provides 100% federally guaranteed loans to small businesses. The loans may be forgiven if small business borrowers maintain their payrolls or restore the number of employees and/or salaries affected by the crisis by August 8, 2020. 

Who is eligible?

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. This loan has a maturity of 2 years and an interest rate of 1%.

Am I eligible to apply through PCCU?

YES, if you are an existing member, or if you qualify for membership.

What documents will I need to apply?

Payroll Documents

At least one of the following (in priority order)

  • 2019 940 Employers FUTA Tax Return, and/or
  • 2019 W3 Transmittal Wage & Tax Statement (preferred), and/or
  • All 4 2019 Quarterly 941 Tax Reports
  • 2020 Payroll Ledger

 

Payroll Reports That Show:

  • 2019/2020 Employer contributions for health insurance (including employer contribution to HSA)
  • 2019/2020 Employer contributions to retirement benefits (including 401k plans, Simple IRAs, SEP IRAs)
  • (If applicable) List of employees (w/salaries) with total compensation (including benefits) GREATER THAN $100,000
  • (If applicable) List of employees (w/salaries) with total compensation whose principal residence is outside the U.S.
  • (If applicable) If seasonal business, need total payroll costs for period 2/15/2019 to 6/20/2019 

 

Entity Documents

  • Articles of Incorporation
  • Corporate Bylaws
  • (If applicable) Shareholder Agreement 
  • (If applicable) Certificate of Assumed Name 
 

Individual Documents

  • COLOR copy of picture ID (driver’s license, Gov ID, etc.)
  • Authority to sign on behalf of Entity

Payroll documents 

At least one of the following (in priority order)

  • 2019 940 Employers FUTA Tax Return, and/or
  • 2019 W3 Transmittal Wage & Tax Statement, and/or
  • All 4 2019 Quarterly 941 Tax Reports
  • 2020 Payroll Ledger

 

Payroll Reports That Show:

  • 2019/2020 Employer contributions for health insurance (including employer contribution to HSA)
  • 2019/2020 Employer contributions to retirement benefits (including 401k plans, Simple IRAs, SEP IRAs)
  • (If applicable) List of employees (w/salaries) with total compensation (including benefits) GREATER THAN $100,000 
  • (If applicable) List of employees (w/salaries) with total compensation whose principal residence is outside the U.S. 
  • (If applicable) If seasonal business, need total payroll costs for period 2/15/2019 to 6/20/2019 

 

Entity Documents:

  • Certificate of Formation/Articles of Formation
  • Operating Agreement/LLC Agreement
  • (If applicable) Certificate of Assumed Name
 

Individual Documents:

  • COLOR copy of picture ID (driver’s license, Gov ID, etc.)
  • Authority to sign on behalf of Entity

Payroll Documents

At least one of the following (in priority order)

  • 2019 940 Employers FUTA Tax Return, and/or
  • 2019 W3 Transmittal Wage & Tax Statement, and/or
  • All 4 2019 Quarterly 941 Tax Reports
  • 2020 Payroll Ledger

 

Payroll Reports That Show:

  • 2019/2020 Employer contributions for health insurance (including employer contribution to HSA)
  • 2019/2020 Employer contributions to retirement benefits (including 401k plans, Simple IRAs, SEP IRAs)
  • (If applicable) List of employees (w/salaries) with total compensation (including benefits) GREATER THAN $100,000 
  • (If applicable) List of employees (w/salaries) with total compensation whose principal residence is outside the U.S. 
  • (If applicable) If seasonal business, need total payroll costs for period 2/15/2019 to 6/20/2019 

 

Entity Documents

  • Certificate of Formation/Partnership
  • Partnership Agreement
  • (If applicable) Certificate of Assumed Name
 

Individual Documents

  • COLOR copy of picture ID (driver’s license, Gov ID, etc.)
  • Authority to sign on behalf of Entity

Payroll Documents

At least one of the following (in priority order)

  • 2019 940 Employers FUTA Tax Return, and/or
  • 2019 W3 Transmittal Wage & Tax Statement, and/or
  • All 4 2019 Quarterly 941 Tax Reports
  • 2020 Payroll Ledger

 

Payroll Reports That Show

  • 2019/2020 Employer contributions for health insurance (including employer contribution to HSA)
  • 2019/2020 Employer contributions to retirement benefits (including 401k plans, Simple IRAs, SEP IRAs)
  • (If applicable) List of employees (w/salaries) with total compensation (including benefits) GREATER THAN $100,000 
  • (If applicable) List of employees (w/salaries) with total compensation whose principal residence is outside the U.S. 
  • (If applicable) If seasonal business, need total payroll costs for period 2/15/2019 to 6/20/2019

 

Entity Documents

  • Articles of Incorporation
  • Corporate Bylaws
  • IRS Determination Letter for non-profit status
  • (If applicable) Shareholder Agreement 
  • (If applicable)Certificate of Assumed Name
 

Individual Documents

  • COLOR copy of picture ID (driver’s license, Gov ID, etc.)
  • Authority to sign on behalf of Entity

Payroll Documents

  • 2019 Personal Tax Returns, or
  • All 1099-MISC forms received in 2019, or
  • Other documentation that shows 2019 income
  • 2020 year-to-date income and expense statements
 

Entity Document

  • (If applicable) Certificate of Assumed Name
 

Individual Documents

  • COLOR copy of picture ID (driver’s license, Gov ID, etc.)
  • Authority to sign on behalf of Entity

I have all my documents ready, how to I apply?

Complete the application here and send the completed signed application with required documents to ppp@parkcitycu.org. Please note that missing documents will delay the process and PPP funds are available on a first come, first serve basis. We recommend you double check your documents before starting the application.

I need additional help, what should I do?

If you need help with the required documentation, we highly recommend you consult with your Business Tax Advisor. For additional questions, please contact us by email at ppp@parkcitycu.org. Based on high demand, we are experiencing longer than normal response times. You are very important to us and we will get back to you as soon as possible. Review the Paycheck Protection Program Guidelines for additional details.

Next Steps

Once you have submitted your application and supporting documentation, a member of the PCCU team will reach out with a response from SBA. At that time we will explain the SBA decision, share further documentation that may be required, and explain the next steps once approved. Please note, based on application volume the response time from the SBA may be delayed.

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