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Paycheck Protection Program

The Federal government has launched another round of PPP financing to support locally owned businesses. Park City Credit Union is accepting applications through March 31, 2021.

PPP Forgiveness

PPP Forgiveness Applications are now being accepted! Click on the link below to get started with a walkthrough on filling out your forgiveness application.

 

The guided application process also includes instructions for filling out the form, and a portal to submit all your relevant Forgiveness supporting documents. If you encounter any issues while submitting your application or supporting documents, please contact ppp@parkcitycu.orgcreate new email for assistance.

When deciding which form type to use in the questionnaire, please ensure you qualify for the form type you selected. If you are unsure, there will be a link that gives a brief explanation of the qualifications before you select the type of form to use.

For Second Draw Borrowers

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.

Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

 You are generally eligible if:

  • You have received a first draw loan and used or intend to use the full amount borrowed from the loan for authorized uses
  • You have no more than 300 employees
  • You are able to demonstrate at least a 25% reduction in gross receipts between a comparable quarter in 2019 and 2020

 

The SBA website has guidance on calculating revenue reduction and payroll costs:

For First Draw Borrowers

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Am I eligible to apply through PCCU?

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

Application Period

Borrowers can apply until March 31, 2021.

What documents will I need to apply?

All borrowers are required to submit:

  • Financials that document a 25% decrease in gross receipts in any 2020 quarter compared to the same quarter in 2019
 
Additional documents are required based your entity type. See below for more details.

Second Draw Loans:

  • Gross payroll data used to calculate average monthly payroll 2019 or 2020
  • Page 1 of 2019 or 2020 tax return
  • 941 for each quarter of the year you’ve chosen
  • State quarterly wage unemployment insurance tax forms for each quarter you’ve chosen
  • Documentation showing any retirement and employee group health, life, disability, vision, and dental insurance contributions for the year you’ve chosen
  • Proof of state/local taxes on employee compenstaion or the year you’ve chosen
 

First Draw Loans:

Requirements are as above if you already have a membership with us. We may also require the following entity documents:

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

Second Draw Loans:

  • 1040 schedule c for 2019 or 2020
  • Gross payroll data used to calculate average monthly payroll 2019 or 2020
  • 941 for each quarter of the year you’ve chosen
  • Documentation showing any reitrement and employee group health, life, disability, vision, and dental insurance contributions for the year you’ve chosen
  • Proof of state/local taxes on employee compensation for the year you’ve chosen
 

First Draw Loans

Requirements are as above if you already have a membership with us. We may also require the following entity documents:

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

Second Draw Loans:

  • IRS form 1065 K-1 for the year you’ve chosen
  • 941 for each quarter of the year you’ve chosen
  • IRS form 1065 line 19 for health, life, disability, vision, and dental contributions
 

First Draw Loans:

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

Second Draw Loans:

  • Gross payroll data used to calcualate avrergae monthly payroll 2019 or 2020
  • Page 1 of 2019 or 2020 tax return
  • 941 for each quarter of the year you’ve chosen
  • State quarterly wage unemploymenet insurance tax forms for each quarter you’ve chosen
  • Documentation showing any retirement and employee group health, life, disability, vision, and dental insurance contributions for the year you’ve chosen
  • Proof of state/local taxes on employee compensation for the year you’ve chosen
 

First Draw Loans:

Requirements are as above if you already have a membership with us. We may also require the following entity documents:

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

Second Draw Loans:

  • 1040 or schedule C for 2019 or 2020
 

First Draw Loans:

Requirements are as above if you already have a membership with us. We may also require the following entity document:

  • (If applicable) Certificate of Assumed Name
 

PPP Application

For Second Draw Borrowers For First Draw Borrowers: Once completed send the signed application with required documents via a secure message to ppp@parkcitycu.orgcreate new email. You can send a secure message through our website. If you’ve sent us a secure message before, log in using your email address and password. If you’re new to secure email, register on our website. Then follow the confirmation email to log in and send a secure message.

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.

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.

Calculating Your Loan Amount

Second Draw Borrowers will calculate their loan with the same method as your first draw:

Average Monthly Payroll x 2.5

Unless – You are a business in the Accommodation and Food Service sector (NAICS Code 72) in which case you will use the following calculation:

Average Monthly Payroll x 3.5

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.orgcreate new email. 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.

Here are some additional helpful links:

Membership eligibility required. Park City Credit Union does not make any guarantees regarding additional funding for the PPP, loan forgiveness, or that you qualify for the program. We strongly recommend you discuss the PPP with your Business Tax Advisor prior to application. Response time and applications will be handled as quickly as possible, but timing is based on the number of applications received. See the SBA site for complete details, qualifications, and forgiveness at https://www.sba.gov.

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